Forsta AP Fonden Sells 900 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Forsta AP Fonden has reduced its stake in Coinbase Global, Inc. by 2.3%, selling 900 shares, and now holds 39,000 shares valued at approximately $6.72 million.
• Institutional investors collectively own 68.84% of Coinbase, with notable stake increases from firms like Vanguard Group and Wellington Management.
• In recent analyst reports, prices for Coinbase stock have seen a mix of upgrades and downgrades, with Barclays lowering its target from $359 to $352, while Citigroup raised its target from $270 to $505.

Forsta AP Fonden cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 2.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,000 shares of the cryptocurrency exchange's stock after selling 900 shares during the period. Forsta AP Fonden's holdings in Coinbase Global were worth $6,717,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Two Sigma Advisers LP raised its position in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after purchasing an additional 333,600 shares during the period. Wellington Management Group LLP lifted its stake in Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after purchasing an additional 302,595 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Coinbase Global by 29.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock valued at $243,118,000 after buying an additional 222,789 shares during the period. Finally, Northern Trust Corp boosted its position in Coinbase Global by 20.3% during the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock valued at $321,488,000 after buying an additional 218,400 shares during the period. Institutional investors own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. Barclays decreased their price objective on Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. JMP Securities increased their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. William Blair assumed coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating on the stock. Benchmark upped their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Citigroup increased their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $352.18.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,208,340 shares of company stock worth $442,911,206. 17.65% of the stock is owned by insiders.

Coinbase Global Price Performance

COIN opened at $310.54 on Monday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a 50-day moving average price of $332.88 and a 200-day moving average price of $259.83. The firm has a market cap of $79.79 billion, a PE ratio of 30.03 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business posted $0.14 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.

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