Sentry Investment Management LLC Purchases New Stake in Coinbase Global, Inc. $COIN

Sentry Investment Management LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 783 shares of the cryptocurrency exchange’s stock, valued at approximately $278,000.

A number of other institutional investors have also recently modified their holdings of the business. Cadent Capital Advisors LLC boosted its stake in shares of Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after buying an additional 30 shares in the last quarter. Ameriflex Group Inc. raised its holdings in Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after purchasing an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC raised its holdings in Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after purchasing an additional 34 shares during the last quarter. Hemington Wealth Management raised its holdings in Coinbase Global by 12.1% during the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after purchasing an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC raised its holdings in Coinbase Global by 13.7% during the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock worth $113,000 after purchasing an additional 39 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company’s stock, valued at $190,054.32. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alesia J. Haas sold 4,400 shares of Coinbase Global stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $344.41, for a total value of $1,515,404.00. Following the completion of the sale, the chief financial officer directly owned 84,820 shares of the company’s stock, valued at approximately $29,212,856.20. This represents a 4.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock valued at $67,479,576 over the last quarter. Company insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $336.02 on Monday. The company has a market cap of $86.34 billion, a P/E ratio of 32.50 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The business has a fifty day simple moving average of $328.26 and a 200-day simple moving average of $294.28.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The business 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%. Coinbase Global’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on COIN. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a report on Monday, July 14th. Williams Trading set a $405.00 price objective on Coinbase Global in a report on Thursday, July 31st. Argus began coverage on Coinbase Global in a report on Monday, July 14th. They set a “buy” rating and a $400.00 price objective for the company. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Finally, Benchmark boosted their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.94.

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.