Choreo LLC Sells 54,998 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Choreo LLC significantly reduced its stake in Coinbase Global, Inc. by 92.5% during the first quarter, now holding only 4,456 shares after selling 54,998 shares.
• The cryptocurrency exchange reported a net margin of 21.14% and earnings per share of $1.94, which was below analyst expectations of $2.18.
• In recent analyst updates, Monness Crespi & Hardt upgraded Coinbase from "neutral" to "buy" with a target price set at $300, while other analysts have set varied price targets reflecting differing sentiment on the stock.

Choreo LLC cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 92.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,456 shares of the cryptocurrency exchange's stock after selling 54,998 shares during the quarter. Choreo LLC's holdings in Coinbase Global were worth $767,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global in the fourth quarter worth $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global in the fourth quarter valued at about $26,000. Bessemer Group Inc. raised its holdings in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the last quarter. NBT Bank N A NY acquired a new position in Coinbase Global during the 1st quarter worth about $33,000. Finally, Berbice Capital Management LLC bought a new stake in Coinbase Global during the 1st quarter worth about $34,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

COIN stock opened at $391.66 on Friday. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The firm has a market cap of $99.43 billion, a PE ratio of 73.34, a P/E/G ratio of 29.86 and a beta of 3.70. The business's 50-day moving average price is $317.61 and its two-hundred day moving average price is $255.92.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the firm earned $2.53 EPS. The company's revenue for the quarter was up 24.2% on a year-over-year basis. As a group, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Monness Crespi & Hardt raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price for the company in a research note on Tuesday, May 13th. Needham & Company LLC dropped their price objective on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, May 12th. The Goldman Sachs Group upped their price objective on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. JMP Securities lifted their target price 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, Citigroup restated an "outperform" rating on shares of Coinbase Global in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $320.06.

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,208,340 shares of company stock worth $439,997,456. Insiders own 17.65% of the company's stock.

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.

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