TD Asset Management Inc Has $19.88 Million Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• TD Asset Management Inc reduced its stake in Coinbase Global by 3.9%, selling 4,696 shares and leaving it with 115,418 shares worth approximately $19.88 million.
• Recent insider transactions include Director Frederick Ehrsam III selling 30,167 shares and CEO Brian Armstrong selling 336,265 shares, significantly reducing their positions in the company.
• Despite a recent earnings miss, analysts have varying ratings for Coinbase Global, with a consensus target price of $336.58 and a majority of analysts rating the stock as a "buy."

TD Asset Management Inc trimmed its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 3.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,418 shares of the cryptocurrency exchange's stock after selling 4,696 shares during the quarter. TD Asset Management Inc's holdings in Coinbase Global were worth $19,878,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its holdings in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after acquiring an additional 9,952 shares during the period. Amalgamated Bank boosted its holdings in shares of Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after acquiring an additional 629 shares during the period. KCM Investment Advisors LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $507,000. GAMMA Investing LLC boosted its holdings in shares of Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its holdings in shares of Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after acquiring an additional 1,454 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on COIN shares. HC Wainwright reaffirmed a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a report on Friday. Benchmark increased their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Citigroup increased their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a report on Tuesday. Williams Trading set a $405.00 price target on Coinbase Global in a report on Thursday. Finally, William Blair started coverage on Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $344.55.

Coinbase Global Stock Down 16.7%

Shares of COIN traded down $63.07 during trading on Friday, reaching $314.69. The company's stock had a trading volume of 31,265,570 shares, compared to its average volume of 11,559,282. The company has a fifty day moving average of $326.60 and a two-hundred day moving average of $259.23. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a market cap of $79.89 billion, a price-to-earnings ratio of 58.93, a P/E/G ratio of 26.30 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted 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). The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value 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. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is owned by company insiders.

About Coinbase Global

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.