Raymond James Financial Inc. Sells 51,040 Shares of Coinbase Global, Inc. $COIN

Key Points

• Raymond James Financial Inc. has reduced its holdings in Coinbase Global, Inc. by 10.8%, bringing its ownership to 420,455 shares valued at approximately $72.4 million.
• CEO Brian Armstrong sold a significant portion of his shares, totaling 336,265 shares, which represents a 99.84% decrease in his position.
• Coinbase Global's stock has experienced fluctuations with a 52-week range between $142.58 and $444.64, and recent news revealed a quarterly earnings miss with a revenue of $1.50 billion against estimates of $1.68 billion.

Raymond James Financial Inc. cut its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 10.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 420,455 shares of the cryptocurrency exchange's stock after selling 51,040 shares during the quarter. Raymond James Financial Inc. owned 0.17% of Coinbase Global worth $72,414,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of COIN. NewEdge Advisors LLC increased its stake in shares of Coinbase Global by 42.6% in the 4th quarter. NewEdge Advisors LLC now owns 9,216 shares of the cryptocurrency exchange's stock valued at $2,288,000 after acquiring an additional 2,752 shares during the last quarter. GeoWealth Management LLC increased its stake in shares of Coinbase Global by 20.2% in the 4th quarter. GeoWealth Management LLC now owns 423 shares of the cryptocurrency exchange's stock valued at $105,000 after acquiring an additional 71 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Coinbase Global by 33.8% in the 4th quarter. First Trust Advisors LP now owns 162,635 shares of the cryptocurrency exchange's stock valued at $40,382,000 after acquiring an additional 41,115 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Coinbase Global by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 408,170 shares of the cryptocurrency exchange's stock valued at $101,392,000 after acquiring an additional 7,834 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Coinbase Global by 0.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock valued at $2,746,000 after acquiring an additional 55 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 1,185,704 shares of company stock worth $438,918,732. Corporate insiders own 23.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Barclays boosted their price objective on Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Piper Sandler reiterated a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, William Blair assumed coverage on Coinbase Global in a research report on Wednesday, June 11th. They issued an "outperform" rating for the company. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $352.72.

Coinbase Global Stock Up 6.5%

NASDAQ:COIN traded up $19.57 during trading hours on Friday, reaching $319.85. 12,988,273 shares of the stock were exchanged, compared to its average volume of 12,364,330. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a 50 day moving average of $346.00 and a 200 day moving average of $261.98. The stock has a market cap of $82.18 billion, a PE ratio of 30.93 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

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.