Fred Alger Management LLC Sells 58,484 Shares of Coinbase Global, Inc. $COIN

Key Points

• Fred Alger Management LLC reduced its stake in Coinbase Global, Inc. by 67.1% to 28,692 shares, valuing its holdings at $4.94 million as of its latest SEC filing.
• In the first quarter, several institutional investors increased their positions in Coinbase, with Vanguard Group increasing by 4.8% and Groupama Asset Management doubling its stake by 100%.
• Coinbase reported a loss of $0.12 EPS for its latest quarter, missing the consensus estimate of $0.91, alongside a net revenue of $1.50 billion versus an expectation of $1.68 billion.

Fred Alger Management LLC reduced its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 67.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,692 shares of the cryptocurrency exchange's stock after selling 58,484 shares during the quarter. Fred Alger Management LLC's holdings in Coinbase Global were worth $4,942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Coinbase Global by 24.0% during the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after purchasing an additional 9,952 shares in the last quarter. Amalgamated Bank increased its position in Coinbase Global by 4.8% during the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after acquiring an additional 629 shares during the last quarter. GAMMA Investing LLC increased its position in Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in Coinbase Global by 124.5% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after acquiring an additional 1,454 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC increased its position in Coinbase Global by 87.0% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock valued at $578,000 after acquiring an additional 1,561 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Jennifer N. Jones sold 1,756 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 value of $3,045,200.00. Following the sale, the insider owned 82,328 shares of the company's stock, valued at $25,070,522.56. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,180,871 shares of company stock worth $440,664,276. Company insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on COIN shares. China Renaissance started coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. Benchmark upped their price objective on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Keefe, Bruyette & Woods reduced their price objective on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Oppenheimer reiterated an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Rosenblatt Securities restated a "buy" rating and issued a $470.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $352.72.

Coinbase Global Stock Performance

COIN traded down $0.91 during midday trading on Friday, reaching $323.04. The company had a trading volume of 6,910,551 shares, compared to its average volume of 7,719,376. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average of $340.68 and a two-hundred day moving average of $267.27. The company has a market cap of $83.00 billion, a P/E ratio of 31.24 and a beta of 3.68. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter in the prior year, the business posted $0.14 EPS. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Coinbase Global 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.