Coinbase Global, Inc. $COIN Position Trimmed by AlTi Global Inc.

Key Points

• AlTi Global Inc. significantly reduced its holdings in Coinbase Global, Inc. by 70.2% in Q1, owning 5,385 shares valued at approximately $927,000.
• Coinbase reported earnings of $0.12 per share, missing estimates of $0.91, with revenue of $1.50 billion compared to an expected $1.68 billion.
• Insiders, including CEO Brian Armstrong, sold a total of 1,170,871 shares of Coinbase stock in the last ninety days, indicating a notable decrease in their ownership stakes.

AlTi Global Inc. decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 70.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,385 shares of the cryptocurrency exchange's stock after selling 12,658 shares during the quarter. AlTi Global Inc.'s holdings in Coinbase Global were worth $927,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mascagni Wealth Management Inc. bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $26,000. Bessemer Group Inc. raised its stake in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. bought a new stake in shares of Coinbase Global during the first quarter valued at about $30,000. Finally, S Bank Fund Management Ltd bought a new stake in shares of Coinbase Global during the first quarter valued at about $31,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Trading Down 2.5%

NASDAQ COIN traded down $7.73 on Friday, hitting $299.07. 11,332,020 shares of the company were exchanged, compared to its average volume of 8,308,748. The company's 50 day moving average price is $344.04 and its 200-day moving average price is $264.19. 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 market capitalization of $76.84 billion, a P/E ratio of 28.92 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $1.50 billion for 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 quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. Analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,756 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $171,849.46. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,180,871 shares of company stock worth $439,493,026 in the last quarter. 17.65% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on COIN. Citigroup lifted their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Oppenheimer restated an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. The Goldman Sachs Group boosted their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Sanford C. Bernstein boosted their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $352.72.

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.