Sovran Advisors LLC cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN – Free Report) by 11.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,466 shares of the cryptocurrency exchange’s stock after selling 187 shares during the quarter. Sovran Advisors LLC’s holdings in Coinbase Global were worth $520,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the fourth quarter valued at $26,000. Bessemer Group Inc. raised its stake in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global in the first quarter valued at $30,000. Finally, S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global in the first quarter valued at $31,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.
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Analysts Set New Price Targets
A number of brokerages recently commented on COIN. Compass Point restated a “sell” rating and issued a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an “outperform” rating for the company. Sanford C. Bernstein upped their target price on Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Jefferies Financial Group increased their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a “hold” rating in a research note on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $356.18.
Read Our Latest Analysis on COIN
Insider Transactions at Coinbase Global
In related news, CEO Brian Armstrong sold 336,265 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,202,515 shares of company stock valued at $448,306,941 in the last quarter. 17.65% of the stock is owned by company insiders.
Coinbase Global Price Performance
Shares of COIN stock opened at $342.46 on Friday. The stock’s fifty day moving average is $336.66 and its 200-day moving average is $271.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a market capitalization of $87.99 billion, a PE ratio of 33.12 and a beta of 3.68. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64.
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced 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 business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.Coinbase Global’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 EPS. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.
Coinbase Global Company Profile
(Free Report)
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.
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