Coinbase Global, Inc. $COIN Shares Sold by Ethic Inc.

Key Points

• Ethic Inc. reduced its stake in Coinbase Global, Inc. by 7.3% in the first quarter, selling 824 shares and ending the reporting period with a total of 10,476 shares valued at $1,828,000.
• A variety of hedge funds are actively adjusting their positions in Coinbase, with notable movements including Bessemer Group Inc.'s stake increasing by 297.4% and several funds acquiring new positions valued around $25,000 to $31,000.
• Despite a recent decrease in earnings per share and revenue falling short of estimates, analysts have mixed ratings on COIN shares, with an average rating of "hold" and a price target of $352.72.

Ethic Inc. lowered its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,476 shares of the cryptocurrency exchange's stock after selling 824 shares during the period. Ethic Inc.'s holdings in Coinbase Global were worth $1,828,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Aberdeen Group plc grew its holdings in Coinbase Global by 2.3% during the 1st quarter. Aberdeen Group plc now owns 29,825 shares of the cryptocurrency exchange's stock valued at $5,137,000 after buying an additional 670 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Coinbase Global during the first quarter worth $613,000. Oak Ridge Investments LLC acquired a new stake in shares of Coinbase Global during the first quarter worth $359,000. Ground Swell Capital LLC boosted its holdings in shares of Coinbase Global by 556.0% during the first quarter. Ground Swell Capital LLC now owns 8,089 shares of the cryptocurrency exchange's stock worth $1,393,000 after purchasing an additional 6,856 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Coinbase Global by 34.2% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,214 shares of the cryptocurrency exchange's stock worth $1,070,000 after purchasing an additional 1,585 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Barclays increased their target price on Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Finally, Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and a consensus target price of $352.72.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total transaction of $8,167,750.00. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $171,849.46. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,185,704 shares of company stock worth $438,918,732. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Stock Up 6.7%

Shares of NASDAQ COIN traded up $20.2660 during midday trading on Friday, reaching $320.5460. 6,098,416 shares of the company's stock were exchanged, compared to its average volume of 11,502,141. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The stock has a market capitalization of $82.36 billion, a PE ratio of 30.98 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The business's fifty day moving average price is $344.45 and its two-hundred day moving average price is $261.85.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm posted $0.14 earnings per share. The firm's revenue was up 3.3% compared to the same quarter last year. Analysts forecast that Coinbase Global, Inc. will post 7.22 EPS 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.