Fortis Group Advisors LLC Cuts Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Fortis Group Advisors LLC lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 14.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,165 shares of the cryptocurrency exchange's stock after selling 1,207 shares during the period. Fortis Group Advisors LLC's holdings in Coinbase Global were worth $1,234,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Mayflower Financial Advisors LLC acquired a new position in shares of Coinbase Global in the first quarter valued at approximately $289,000. Bridgewater Advisors Inc. bought a new stake in Coinbase Global during the first quarter worth $1,050,000. Larson Financial Group LLC lifted its stake in Coinbase Global by 46.4% during the first quarter. Larson Financial Group LLC now owns 1,113 shares of the cryptocurrency exchange's stock worth $192,000 after purchasing an additional 353 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Coinbase Global by 90.6% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,225 shares of the cryptocurrency exchange's stock valued at $555,000 after acquiring an additional 1,533 shares during the last quarter. Finally, BluePointe Capital Management LLC lifted its stake in shares of Coinbase Global by 21.5% in the 1st quarter. BluePointe Capital Management LLC now owns 3,129 shares of the cryptocurrency exchange's stock valued at $539,000 after acquiring an additional 553 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. JMP Securities raised their target price on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price for the company in a research note on Monday, May 12th. William Blair assumed coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They issued an "outperform" rating on the stock. HC Wainwright reissued a "sell" rating and set a $300.00 target price (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday, July 10th. Finally, Argus started coverage on shares of Coinbase Global in a report on Monday. They issued a "buy" rating and a $400.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $313.10.

Coinbase Global Trading Up 3.2%

Shares of NASDAQ:COIN traded up $12.55 during midday trading on Thursday, hitting $410.75. 16,730,775 shares of the stock traded hands, compared to its average volume of 11,004,714. The stock has a market capitalization of $104.28 billion, a PE ratio of 76.92, a P/E/G ratio of 30.30 and a beta of 3.70. The business's 50 day moving average is $297.88 and its two-hundred day moving average is $250.10. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $417.73.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the prior year, the firm earned $2.53 EPS. Coinbase Global's quarterly revenue was up 24.2% compared to the same quarter last year. As a group, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction dated 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 sale, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,245,915 shares of company stock worth $447,462,456 in the last quarter. 17.65% of the stock is owned by corporate insiders.

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.