McElhenny Sheffield Capital Management LLC Invests $388,000 in Coinbase Global, Inc. $COIN

McElhenny Sheffield Capital Management LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, HoldingsChannel reports. The fund acquired 1,108 shares of the cryptocurrency exchange’s stock, valued at approximately $388,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. increased its holdings in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 113 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Coinbase Global during the 2nd quarter worth $55,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global during the 1st quarter worth $30,000. S Bank Fund Management Ltd acquired a new stake in shares of Coinbase Global during the 1st quarter worth $31,000. Finally, Ameriflex Group Inc. increased its holdings in shares of Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after buying an additional 30 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $387.00 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a 50-day moving average of $324.22 and a two-hundred day moving average of $286.10. The stock has a market cap of $99.44 billion, a P/E ratio of 37.43 and a beta of 3.68. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 721,764 shares of company stock valued at $273,595,798. 17.65% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on COIN shares. Benchmark upped their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Piper Sandler reiterated a “neutral” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. The Goldman Sachs Group increased their price target on Coinbase Global from $351.00 to $363.00 and gave the company a “neutral” rating in a report on Friday, October 3rd. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Citigroup increased their price target on Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $367.12.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.