Cresset Asset Management LLC Decreases Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Cresset Asset Management LLC reduced its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 14.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,272 shares of the cryptocurrency exchange's stock after selling 10,468 shares during the quarter. Cresset Asset Management LLC's holdings in Coinbase Global were worth $15,214,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Coinbase Global during the third quarter worth approximately $94,000. Principal Financial Group Inc. raised its position in Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange's stock worth $9,558,000 after purchasing an additional 36,843 shares during the period. GAMMA Investing LLC lifted its stake in Coinbase Global by 25.9% in the fourth quarter. GAMMA Investing LLC now owns 1,039 shares of the cryptocurrency exchange's stock worth $258,000 after purchasing an additional 214 shares during the last quarter. Nordea Investment Management AB boosted its position in Coinbase Global by 5.9% during the fourth quarter. Nordea Investment Management AB now owns 14,934 shares of the cryptocurrency exchange's stock valued at $3,772,000 after buying an additional 836 shares during the period. Finally, Fulton Bank N.A. grew its stake in shares of Coinbase Global by 1.6% during the fourth quarter. Fulton Bank N.A. now owns 5,512 shares of the cryptocurrency exchange's stock valued at $1,369,000 after buying an additional 87 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Down 3.4 %

Shares of Coinbase Global stock traded down $7.03 during trading on Friday, hitting $199.47. The company's stock had a trading volume of 16,352,397 shares, compared to its average volume of 9,648,560. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75. The company has a market capitalization of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. The company has a fifty day simple moving average of $187.38 and a two-hundred day simple moving average of $242.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the business posted $2.53 EPS. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. Equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the transaction, the insider now owns 83,313 shares in the company, valued at approximately $16,505,971.56. This represents a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $144,786.76. The trade was a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,742 shares of company stock worth $32,639,759. 23.43% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on COIN. Piper Sandler increased their target price on Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Friday. Bank of America dropped their price objective on Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Barclays reaffirmed an "equal weight" rating on shares of Coinbase Global in a research note on Thursday. Benchmark assumed coverage on shares of Coinbase Global in a report on Wednesday, April 23rd. They issued a "buy" rating and a $252.00 price target on the stock. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $268.65.

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.