Generali Asset Management SPA SGR Has $20.56 Million Stake in Coinbase Global, Inc. $COIN

Key Points

• Generali Asset Management SPA SGR reduced its stake in Coinbase Global by 7.5% during Q2, holding 58,657 shares valued at approximately $20.56 million as per its latest SEC filing.
• Coinbase Global reported $0.12 earnings per share for the last quarter, missing analysts' expectations of $0.91, with revenues reaching $1.50 billion against the consensus estimate of $1.68 billion.
• Insider selling activity increased, with CEO Brian Armstrong selling 25,000 shares, representing a 97.94% decrease in his ownership, highlighting significant changes among company executives.

Generali Asset Management SPA SGR reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.5% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 58,657 shares of the cryptocurrency exchange's stock after selling 4,746 shares during the period. Generali Asset Management SPA SGR's holdings in Coinbase Global were worth $20,559,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Groupama Asset Managment raised its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Coinbase Global by 4.8% during 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. Nuveen LLC bought a new stake in shares of Coinbase Global in the 1st quarter worth $83,454,000. Amundi raised its holdings in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Coinbase Global by 2,647.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock valued at $66,572,000 after purchasing an additional 191,300 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Down 4.3%

NASDAQ:COIN opened at $341.55 on Wednesday. The firm's 50 day moving average is $326.71 and its 200 day moving average is $290.13. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a market capitalization of $87.76 billion, a PE ratio of 33.03 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued 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 net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $0.14 earnings per share. The business's quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global 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 transaction of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $186,977.22. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,515 shares of company stock worth $56,329,451 in the last ninety days. 23.43% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Rothschild & Co Redburn upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $325.00 to $417.00 in a report on Friday, October 3rd. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. HC Wainwright restated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Redburn Partners set a $417.00 price target on Coinbase Global in a research report on Friday, October 3rd. Finally, Piper Sandler reiterated a "neutral" rating and set a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $367.94.

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.

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