FengHe Fund Management Pte. Ltd. Sells 57,100 Shares of Coinbase Global, Inc. $COIN

Key Points

• FengHe Fund Management cut its stake in Coinbase by 81.7%, selling 57,100 shares in Q4 and retaining 12,800 shares worth about $2.895 million.
• Coinbase missed Q4 estimates, reporting $0.66 EPS vs. $0.83 expected and $1.78B in revenue (down 21.6% YoY), while analysts maintain a consensus "Hold" with a $262.07 target.
• Insiders have been net sellers: CFO Alesia Haas sold 10,020 shares at ~$200 under a 10b5‑1 plan, insiders sold 394,590 shares (~$62.5M) in the past 90 days, yet still own 16.56% of the stock.

FengHe Fund Management Pte. Ltd. reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 81.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,800 shares of the cryptocurrency exchange's stock after selling 57,100 shares during the period. FengHe Fund Management Pte. Ltd.'s holdings in Coinbase Global were worth $2,895,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC bought a new position in Coinbase Global during the 3rd quarter valued at about $25,000. Palisade Asset Management LLC bought a new position in Coinbase Global during the 3rd quarter valued at about $29,000. Salomon & Ludwin LLC lifted its holdings in Coinbase Global by 4,400.0% during the 3rd quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange's stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. Foster Dykema Cabot & Partners LLC bought a new position in Coinbase Global during the 3rd quarter valued at about $35,000. Finally, Cloud Capital Management LLC bought a new position in Coinbase Global during the 3rd quarter valued at about $36,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Trading Down 1.5%

COIN opened at $196.73 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market cap of $51.95 billion, a price-to-earnings ratio of 44.81, a price-to-earnings-growth ratio of 4.52 and a beta of 3.60. The firm has a 50 day simple moving average of $185.79 and a 200 day simple moving average of $233.30. Coinbase Global, Inc. has a fifty-two week low of $139.36 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.17). The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.86 billion. Coinbase Global had a return on equity of 8.68% and a net margin of 17.55%.The company's quarterly revenue was down 21.6% on a year-over-year basis. During the same period last year, the firm earned $4.68 earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 2.77 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Oppenheimer dropped their target price on shares of Coinbase Global from $381.00 to $370.00 and set an "outperform" rating for the company in a research note on Monday, January 12th. Rosenblatt Securities dropped their target price on shares of Coinbase Global from $325.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Jefferies Financial Group boosted their target price on shares of Coinbase Global from $151.00 to $181.00 and gave the stock a "hold" rating in a research note on Thursday, April 9th. Raymond James Financial reaffirmed a "market perform" rating on shares of Coinbase Global in a research note on Thursday, January 8th. Finally, Citizens Jmp dropped their target price on shares of Coinbase Global from $400.00 to $355.00 and set a "market outperform" rating for the company in a research note on Friday, April 10th. Nineteen research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $262.07.

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the business's stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the sale, the chief financial officer directly owned 377,201 shares of the company's stock, valued at $75,440,200. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 394,590 shares of company stock worth $62,508,690 over the last ninety days. Insiders own 16.56% of the company's stock.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.