Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 40.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,453 shares of the cryptocurrency exchange's stock after selling 1,003 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Coinbase Global were worth $250,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of COIN. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global in the fourth quarter worth about $26,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. Mpwm Advisory Solutions LLC purchased a new position in Coinbase Global in the 4th quarter worth approximately $35,000. Finally, Brooklands Fund Management Ltd purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $37,245,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of research analyst reports. Sanford C. Bernstein increased their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. China Renaissance started coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. Oppenheimer reissued an "outperform" rating and issued a $395.00 price target (up from $293.00) on shares of Coinbase Global in a research report on Thursday. The Goldman Sachs Group lifted their target price on shares of Coinbase Global from $189.00 to $209.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $300.00 price target on shares of Coinbase Global in a research note on Monday, June 16th. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $291.06.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the completion of the sale, the insider now directly owns 83,313 shares in the company, valued at approximately $16,505,971.56. This trade represents a 10.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 113,735 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $363.15, for a total value of $41,302,865.25. Following the sale, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $191,016.90. This trade represents a 99.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 665,915 shares of company stock worth $212,665,732. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

NASDAQ COIN opened at $353.43 on Monday. 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, Inc. has a 12-month low of $142.58 and a 12-month high of $382.00. The firm has a market cap of $89.73 billion, a P/E ratio of 66.19, a price-to-earnings-growth ratio of 25.85 and a beta of 3.62. The company's 50 day moving average is $249.67 and its 200-day moving average is $240.93.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the business earned $2.53 earnings per share. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

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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