Castle Rock Wealth Management LLC Sells 4,078 Shares of Coinbase Global, Inc. $COIN

Key Points

• Castle Rock Wealth Management LLC reduced its holdings in Coinbase Global, Inc. by 82.2%, selling 4,078 shares and now owns only 885 shares valued at approximately $310,000.
• Coinbase's CEO Brian Armstrong sold 198,300 shares for over $78 million, drastically reducing his ownership by 99.74%, while other insiders also sold a total of 749,515 shares valued at approximately $284 million in the past ninety days.
• Coinbase Global reported $0.12 earnings per share, missing the consensus estimate significantly, and had a revenue of $1.50 billion for the last quarter, indicating a 3.3% year-over-year increase.

Castle Rock Wealth Management LLC decreased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 82.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 885 shares of the cryptocurrency exchange's stock after selling 4,078 shares during the period. Castle Rock Wealth Management LLC's holdings in Coinbase Global were worth $310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in COIN. Merit Financial Group LLC raised its position in shares of Coinbase Global by 50.2% during the 1st quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange's stock valued at $336,000 after acquiring an additional 651 shares during the last quarter. Miracle Mile Advisors LLC raised its position in shares of Coinbase Global by 21.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 1,765 shares of the cryptocurrency exchange's stock valued at $304,000 after acquiring an additional 315 shares during the last quarter. Park Avenue Securities LLC raised its position in shares of Coinbase Global by 8.5% during the 1st quarter. Park Avenue Securities LLC now owns 3,599 shares of the cryptocurrency exchange's stock valued at $620,000 after acquiring an additional 282 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Coinbase Global by 44.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange's stock valued at $243,000 after acquiring an additional 426 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock valued at $578,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $209,279.62. This represents a 99.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 749,515 shares of company stock valued at $284,392,325. Company insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $387.27 on Thursday. The firm has a market cap of $99.51 billion, a PE ratio of 37.45 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a fifty day moving average price of $324.03 and a 200 day moving average price of $284.83.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results 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). The company had revenue of $1.50 billion during the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.14 earnings per share. Research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price for the company. Piper Sandler reissued a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Erste Group Bank started coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a "buy" rating for the company. Barclays decreased their price target on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating for the company in a report on Wednesday. Finally, William Blair started coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $367.12.

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.

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