Coinbase Global, Inc. $COIN Shares Sold by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. reduced its stake in Coinbase Global by 56.4%, selling 48,633 shares and owning 37,600 shares worth approximately $13.2 million at the end of the second quarter.
• Coinbase Global's earnings per share (EPS) for the last quarter was $0.12, significantly missing analysts' expectations of $0.91, while the company's revenue was $1.50 billion, below the forecast of $1.68 billion.
• Currently, 68.84% of Coinbase's stock is held by institutional investors, with recent changes in holdings from several hedge funds, indicating varied investor sentiment toward the cryptocurrency exchange.

Mirae Asset Global Investments Co. Ltd. trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN) by 56.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,600 shares of the cryptocurrency exchange's stock after selling 48,633 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Coinbase Global were worth $13,178,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of COIN. Bessemer Group Inc. raised its stake in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the 1st quarter worth $30,000. S Bank Fund Management Ltd acquired a new stake in Coinbase Global during the 1st quarter worth $31,000. SouthState Corp raised its stake in Coinbase Global by 128.4% during the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after acquiring an additional 104 shares in the last quarter. Finally, NBT Bank N A NY acquired a new stake in Coinbase Global during the 1st quarter worth $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Up 2.1%

Shares of NASDAQ COIN opened at $380.02 on Friday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market capitalization of $97.64 billion, a PE ratio of 36.75 and a beta of 3.68. 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's 50-day moving average is $323.62 and its two-hundred day moving average is $281.47.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly 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 net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period last year, the company earned $0.14 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 4,675 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the transaction, the chief financial officer owned 89,220 shares of the company's stock, valued at approximately $28,750,252.80. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares of the company's stock, valued at $148,834.86. The trade was a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 714,515 shares of company stock valued at $272,046,775. 17.65% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on COIN. Barclays increased their target price on shares of Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Keefe, Bruyette & Woods decreased their target price on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research note on Monday, August 4th. Jefferies Financial Group increased their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. HC Wainwright reiterated a "sell" rating and set a $300.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Bank of America decreased their target price on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $367.27.

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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