Chokshi & Queen Wealth Advisors Inc Decreases Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Chokshi & Queen Wealth Advisors Inc decreased its stake in Coinbase Global, Inc. by 29.2%, selling 3,400 shares, leaving them with a total of 8,235 shares.
• Despite the decrease by some investors, others like Ameriflex Group Inc. and Capital Advisors Ltd. increased their positions in Coinbase Global during the same period.
• Wall Street analysts have mixed opinions on the stock, with target prices ranging from $300.00 to $440.00, reflecting varied confidence in its future performance.

Chokshi & Queen Wealth Advisors Inc cut its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 29.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,235 shares of the cryptocurrency exchange's stock after selling 3,400 shares during the period. Coinbase Global comprises about 1.7% of Chokshi & Queen Wealth Advisors Inc's holdings, making the stock its 12th largest holding. Chokshi & Queen Wealth Advisors Inc's holdings in Coinbase Global were worth $2,886,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cadent Capital Advisors LLC increased its position in shares of Coinbase Global by 1.0% during the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after purchasing an additional 30 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after purchasing an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC increased its position in shares of Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock worth $463,000 after purchasing an additional 34 shares in the last quarter. Hemington Wealth Management increased its position in shares of Coinbase Global by 12.1% during the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after purchasing an additional 38 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of Coinbase Global by 13.7% during the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock worth $113,000 after purchasing an additional 39 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of research analyst reports. Barclays cut their target price on Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. HC Wainwright reiterated a "sell" rating and set a $300.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Erste Group Bank started coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating for the company. JMP Securities upped their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. 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, August 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $369.01.

Coinbase Global Stock Performance

NASDAQ COIN opened at $338.62 on Wednesday. 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 business's 50 day moving average is $329.07 and its two-hundred day moving average is $295.86. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market capitalization of $87.01 billion, a price-to-earnings ratio of 32.75 and a beta of 3.68.

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

Insiders Place Their Bets

In related news, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the sale, the insider owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 205,657 shares of company stock worth $67,479,576. Company insiders own 23.43% of the company's stock.

Coinbase Global Company 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.

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