Banco Santander S.A. Cuts Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Banco Santander S.A. reduced its holdings in Coinbase Global by 9.5%, selling 17,859 shares and owning approximately 0.07% of the company, valued at $29.3 million.
• Several institutional investors, including Envestnet Asset Management Inc. and Kingswood Wealth Advisors LLC, increased their stakes in Coinbase during the same period, reflecting growing interest among large investors.
• Coinbase's latest earnings report showed a miss on EPS expectations, with a reported EPS of $0.12 compared to a consensus estimate of $0.91, and revenue of $1.50 billion, falling short of expectations of $1.68 billion.

Banco Santander S.A. reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 9.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 170,283 shares of the cryptocurrency exchange's stock after selling 17,859 shares during the quarter. Banco Santander S.A. owned approximately 0.07% of Coinbase Global worth $29,328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global during the fourth quarter valued at about $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new position in Coinbase Global during the 4th quarter valued at approximately $35,000. Brooklands Fund Management Ltd purchased a new stake in Coinbase Global in the 4th quarter worth approximately $37,245,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $37,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

NASDAQ:COIN traded down $63.07 during trading hours on Friday, hitting $314.69. 31,265,570 shares of the stock traded hands, compared to its average volume of 12,904,831. The company has a market cap of $79.89 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a 50 day moving average price of $327.63 and a 200 day moving average price of $259.53. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.95%. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 earnings per share. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

COIN has been the topic of a number of research reports. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price on the stock in a research note on Monday, May 12th. JPMorgan Chase & Co. cut their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Finally, Jefferies Financial Group increased their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus price target of $344.55.

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 dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the transaction, the insider owned 82,328 shares of the company's stock, valued at $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the transaction, the chief financial officer owned 97,366 shares of the company's stock, valued at $35,071,233.20. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last ninety days. 17.65% of the stock is currently owned by company insiders.

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.