Coinbase Global, Inc. $COIN Shares Sold by Connective Capital Management LLC

Key Points

• Connective Capital Management LLC reduced its holdings in Coinbase Global, Inc. by 29.4%, now owning 2,645 shares worth approximately $456,000.
• Analysts have shown a positive outlook for Coinbase, with Needham & Company raising its price target from $270 to $400, and a consensus target price of $352.72 among analysts.
• Coinbase reported $0.12 earnings per share for the last quarter, missing estimates, and its stock has experienced a significant trading range over the past year, with a high of $444.64.

Connective Capital Management LLC trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 29.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,645 shares of the cryptocurrency exchange's stock after selling 1,104 shares during the period. Coinbase Global accounts for 0.4% of Connective Capital Management LLC's portfolio, making the stock its 29th biggest position. Connective Capital Management LLC's holdings in Coinbase Global were worth $456,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of COIN. Mascagni Wealth Management Inc. acquired a new stake in shares of Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management acquired a new position in Coinbase Global during the 4th quarter valued at about $26,000. Bessemer Group Inc. grew its stake in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global in the 1st quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global in the first quarter worth about $31,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on COIN shares. Needham & Company LLC raised their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Oppenheimer reissued an "outperform" rating and issued a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. JMP Securities upped their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $352.72.

Coinbase Global Trading Up 6.5%

COIN stock opened at $319.85 on Monday. Coinbase Global, Inc. has a one year low of $142.58 and a one year 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 stock has a market cap of $82.18 billion, a price-to-earnings ratio of 30.93 and a beta of 3.70. The company has a fifty day moving average price of $346.00 and a two-hundred day moving average price of $261.98.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted 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 firm 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%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction dated 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 approximately $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,185,704 shares of company stock worth $438,918,732 over the last three months. 23.43% of the stock is currently owned by insiders.

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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