Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in Coinbase Global, Inc. by 30.7%, now owning approximately 156,730 shares valued at $26.99 million after selling 69,376 shares.
• Insider transactions have been significant, with CEO Brian Armstrong selling 25,000 shares, representing a 97.94% decrease in his ownership, while over the last 90 days, insiders sold 1,208,340 shares valued at approximately $442.91 million.
• Coinbase reported $0.12 earnings per share for the last quarter, missing analysts' estimates, and analysts maintain a consensus rating of "Hold" with a price target of $352.18.

Connor Clark & Lunn Investment Management Ltd. reduced its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 30.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 156,730 shares of the cryptocurrency exchange's stock after selling 69,376 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of Coinbase Global worth $26,994,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in COIN. Vanguard Group Inc. increased its position in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after purchasing an additional 34,462 shares during the last quarter. Northern Trust Corp increased its position in shares of Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after purchasing an additional 218,400 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Coinbase Global by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after purchasing an additional 222,789 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Coinbase Global by 1.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 951,848 shares of the cryptocurrency exchange's stock valued at $163,937,000 after acquiring an additional 16,816 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

COIN has been the subject of a number of research analyst reports. Erste Group Bank initiated coverage on Coinbase Global in a report on Wednesday, July 23rd. They set a "buy" rating for the company. Monness Crespi & Hardt cut Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. HC Wainwright restated a "sell" rating and set a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Rosenblatt Securities restated a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. lowered their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $352.18.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded up $3.00 during trading hours on Tuesday, hitting $322.62. 9,901,815 shares of the company were exchanged, compared to its average volume of 11,636,547. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average of $334.34 and a 200-day moving average of $259.98. The stock has a market capitalization of $82.89 billion, a price-to-earnings ratio of 31.20 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data 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). 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 in the prior year, the firm posted $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global 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 in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,176,221 shares of company stock valued at $434,800,609 in the last three months. Corporate insiders own 23.43% of the company's stock.

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.