Coinbase Global, Inc. $COIN Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. has reduced its stake in Coinbase Global by 5.6%, selling 156,777 shares, while still holding a total of 2,640,205 shares.
• Several other institutional investors have increased or newly positioned themselves in Coinbase Global, with Bessemer Group boosting its holdings by 297.4% in the first quarter.
• Coinbase Global reported an EPS of $0.12 for the last quarter, missing estimates of $0.91, and its revenue was $1.50 billion, slightly below analyst expectations of $1.68 billion.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,640,205 shares of the cryptocurrency exchange's stock after selling 156,777 shares during the quarter. Coinbase Global makes up about 0.6% of Sumitomo Mitsui Trust Group Inc.'s holdings, making the stock its 26th biggest position. Sumitomo Mitsui Trust Group Inc. owned 1.04% of Coinbase Global worth $925,365,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Bessemer Group Inc. increased its holdings 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 valued at $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global in the 1st quarter valued at $30,000. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the 2nd quarter valued at $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global during the 1st quarter worth $31,000. Finally, SouthState Corp boosted its position in shares of 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 purchasing an additional 104 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on COIN shares. Mizuho set a $300.00 target price on shares of Coinbase Global in a research report on Thursday, September 18th. Erste Group Bank initiated coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating on the stock. JPMorgan Chase & Co. upgraded shares of Coinbase Global from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $342.00 to $404.00 in a research report on Friday. BTIG Research began coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They issued a "buy" rating and a $410.00 price objective on the stock. Finally, Redburn Partners set a $417.00 target price on shares of Coinbase Global in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $383.36.

Coinbase Global Trading Up 5.5%

NASDAQ COIN opened at $340.44 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 50-day moving average of $328.89 and a 200-day moving average of $297.17. 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 company has a market cap of $87.47 billion, a P/E ratio of 32.92 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company earned $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In other news, insider Lawrence J. Brock sold 5,903 shares of the 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 transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 205,657 shares of company stock worth $67,479,576. 17.65% 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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