Exchange Traded Concepts LLC Lowers Stake in Coinbase Global, Inc. $COIN

Key Points

• Exchange Traded Concepts LLC has decreased its holdings in Coinbase Global, Inc. by 6.9%, selling 8,671 shares, leaving them with 117,028 shares valued at $41 million.
• Coinbase reported a net margin of 40.87% and earnings per share of $0.12, missing analysts' expectations of $0.91, with quarterly revenue of $1.50 billion.
• Brokerages have remained optimistic, with several raising their price targets for Coinbase Global, reflecting a consensus target price of $352.72, with a majority rating of "Buy" or "Hold" among analysts.

Exchange Traded Concepts LLC trimmed its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 6.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 117,028 shares of the cryptocurrency exchange's stock after selling 8,671 shares during the quarter. Exchange Traded Concepts LLC's holdings in Coinbase Global were worth $41,017,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in COIN. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Coinbase Global by 4.2% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock worth $356,000 after acquiring an additional 41 shares in the last quarter. Pallas Capital Advisors LLC boosted its position in Coinbase Global by 1.6% during the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after purchasing an additional 41 shares during the last quarter. Brooklyn Investment Group boosted its position in Coinbase Global by 7.1% during the first quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange's stock valued at $124,000 after purchasing an additional 48 shares during the last quarter. Rede Wealth LLC boosted its position in Coinbase Global by 0.6% during the first quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange's stock valued at $1,382,000 after purchasing an additional 50 shares during the last quarter. Finally, Ancora Advisors LLC raised its holdings in Coinbase Global by 7.4% during the first quarter. Ancora Advisors LLC now owns 868 shares of the cryptocurrency exchange's stock valued at $149,000 after buying an additional 60 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COIN. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Compass Point reissued a "sell" rating and set a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Needham & Company LLC lifted their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Barclays lifted their price target on shares of Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research note on Friday, August 15th. Finally, William Blair assumed coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $356.18.

Coinbase Global Price Performance

Coinbase Global stock traded down $0.67 during midday trading on Friday, reaching $342.46. 13,258,226 shares of the stock were exchanged, compared to its average volume of 8,028,650. The company's fifty day moving average is $336.66 and its 200-day moving average is $271.41. 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 firm has a market cap of $87.99 billion, a PE ratio of 33.12 and a beta of 3.68. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company posted $0.14 EPS. The business's revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider directly owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $25,070,522.56. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,202,515 shares of company stock worth $448,306,941. 17.65% of the stock is owned by corporate insiders.

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.