Coinbase Global, Inc. $COIN Shares Sold by Verdence Capital Advisors LLC

Key Points

• Verdence Capital Advisors LLC reduced its stake in Coinbase Global by 57.2% in Q2, now holding 9,647 shares valued at $3.38 million.
• Coinbase's CEO, Brian Armstrong, sold 25,000 shares, significantly decreasing his position by nearly 98%, leaving him with only 526 shares valued at approximately $187,000.
• Shares of Coinbase Global are currently trading down 7.7%, with recent earnings showing a miss on expectations, reporting $0.12 EPS against an estimated $0.91.

Verdence Capital Advisors LLC lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 57.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,647 shares of the cryptocurrency exchange's stock after selling 12,878 shares during the quarter. Verdence Capital Advisors LLC's holdings in Coinbase Global were worth $3,381,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in COIN. Oregon Public Employees Retirement Fund acquired a new stake in shares of Coinbase Global in the second quarter valued at $6,414,000. Concord Wealth Partners bought a new stake in Coinbase Global during the second quarter worth approximately $188,000. Sequoia Financial Advisors LLC grew its position in Coinbase Global by 26.6% in the second quarter. Sequoia Financial Advisors LLC now owns 4,831 shares of the cryptocurrency exchange's stock worth $1,693,000 after buying an additional 1,014 shares during the last quarter. Yousif Capital Management LLC increased its holdings in shares of Coinbase Global by 796.6% in the second quarter. Yousif Capital Management LLC now owns 23,445 shares of the cryptocurrency exchange's stock valued at $8,217,000 after buying an additional 20,830 shares in the last quarter. Finally, MGO One Seven LLC lifted its position in shares of Coinbase Global by 78.5% during the 2nd quarter. MGO One Seven LLC now owns 3,186 shares of the cryptocurrency exchange's stock valued at $1,117,000 after acquiring an additional 1,401 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $186,977.22. The trade was a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 556,321 shares of company stock worth $208,110,150. Insiders own 23.43% of the company's stock.

Coinbase Global Trading Down 7.7%

Shares of NASDAQ COIN opened at $357.01 on Monday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The business has a 50-day moving average price of $325.06 and a two-hundred day moving average price of $288.49. The firm has a market capitalization of $91.73 billion, a PE ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued 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 business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 EPS. As a group, analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on COIN shares. Canaccord Genuity Group restated a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Sanford C. Bernstein increased their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. China Renaissance began coverage on Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective on the stock. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, Oppenheimer reissued an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $367.12.

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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