Cary Street Partners Financial LLC Purchases New Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Cary Street Partners Financial LLC invested $783,000 in Coinbase Global, Inc., acquiring 4,545 shares during the first quarter.
• Insider CEO Brian Armstrong sold 336,265 shares worth approximately $121.9 million, significantly reducing his ownership to just 526 shares.
• Analysts have mixed ratings for Coinbase Global, with a consensus "Hold" rating and price targets ranging from $268 to $421.

Cary Street Partners Financial LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,545 shares of the cryptocurrency exchange's stock, valued at approximately $783,000.

Several other large investors have also recently bought and sold shares of COIN. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in Coinbase Global by 57.5% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 14,442 shares of the cryptocurrency exchange's stock valued at $2,487,000 after purchasing an additional 5,270 shares during the last quarter. Raiffeisen Bank International AG raised its stake in shares of Coinbase Global by 8.6% during the 1st quarter. Raiffeisen Bank International AG now owns 2,516 shares of the cryptocurrency exchange's stock worth $437,000 after purchasing an additional 200 shares in the last quarter. Blair William & Co. IL lifted its holdings in shares of Coinbase Global by 20.1% during the 1st quarter. Blair William & Co. IL now owns 38,692 shares of the cryptocurrency exchange's stock valued at $6,664,000 after buying an additional 6,479 shares during the last quarter. Bank of Nova Scotia grew its stake in shares of Coinbase Global by 6.8% in the 1st quarter. Bank of Nova Scotia now owns 10,778 shares of the cryptocurrency exchange's stock valued at $1,857,000 after buying an additional 688 shares in the last quarter. Finally, Wealthquest Corp acquired a new position in Coinbase Global in the first quarter worth approximately $864,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

COIN stock traded down $0.25 during midday trading on Friday, hitting $310.54. The stock had a trading volume of 9,219,479 shares, compared to its average volume of 15,007,430. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week 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 50-day simple moving average of $332.88 and a 200 day simple moving average of $260.33. The firm has a market capitalization of $79.79 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 26.89 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the sale, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock valued at $442,911,206 over the last quarter. Corporate insiders own 17.65% of the company's stock.

Analyst Ratings Changes

COIN has been the topic of several analyst reports. Sanford C. Bernstein increased their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Oppenheimer reiterated an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. The Goldman Sachs Group upped their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Finally, Benchmark lifted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $352.18.

About Coinbase Global

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.