New Mexico Educational Retirement Board Invests $3.19 Million in Coinbase Global, Inc. $COIN

New Mexico Educational Retirement Board purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, HoldingsChannel reports. The institutional investor purchased 9,100 shares of the cryptocurrency exchange’s stock, valued at approximately $3,189,000.

Other hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global by 24.0% during the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after buying an additional 9,952 shares during the last quarter. Amalgamated Bank lifted its stake in Coinbase Global by 4.8% during the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after acquiring an additional 629 shares during the period. Kera Capital Partners Inc. boosted its holdings in shares of Coinbase Global by 3.0% during the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after acquiring an additional 1,085 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Coinbase Global by 102.6% in the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock worth $3,738,000 after acquiring an additional 5,402 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after purchasing an additional 84 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 5.4%

NASDAQ COIN opened at $320.33 on Thursday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a market cap of $82.31 billion, a PE ratio of 30.98 and a beta of 3.68. The stock’s 50 day moving average is $328.93 and its 200 day moving average is $296.02.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.Coinbase Global’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.14 EPS. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the sale, the insider owned 478 shares of the company’s stock, valued at $148,834.86. The trade was a 92.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 15,439 shares of the business’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 205,657 shares of company stock worth $67,479,576 in the last quarter. 17.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on COIN shares. Weiss Ratings restated a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. Williams Trading set a $405.00 price target on Coinbase Global in a research note on Thursday, July 31st. The Goldman Sachs Group increased their price objective on shares of Coinbase Global from $363.00 to $385.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Oppenheimer restated an “outperform” rating and set a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Erste Group Bank began coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $376.09.

Coinbase Global 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.