Hennessy Advisors Inc. Reduces Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Hennessy Advisors Inc. has reduced its stake in Coinbase Global, Inc. by 10.4%, owning 6,000 shares worth approximately $2.1 million following the sale of 700 shares in the second quarter.
• The cryptocurrency exchange reported earnings of $0.12 per share, missing estimates greatly as analysts expected $0.91, with a total revenue of $1.5 billion for the quarter.
• Coinbase shares have an ongoing average target price of $367.27 and have received various ratings from analysts including upgrades and holds, reflecting mixed investor sentiment.

Hennessy Advisors Inc. lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 10.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,000 shares of the cryptocurrency exchange's stock after selling 700 shares during the quarter. Hennessy Advisors Inc.'s holdings in Coinbase Global were worth $2,103,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after acquiring an additional 34,462 shares during the last quarter. Groupama Asset Managment boosted its holdings in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Amundi boosted its holdings in shares of Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Coinbase Global by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock valued at $224,318,000 after acquiring an additional 7,675 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Up 2.1%

Shares of COIN opened at $380.02 on Friday. The company's fifty day moving average is $323.62 and its 200 day moving average is $281.47. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock has a market capitalization of $97.64 billion, a PE ratio of 36.75 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

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

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Coinbase Global in a report on Saturday, September 27th. Rothschild & Co Redburn upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $325.00 to $417.00 in a research note on Friday. Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research note on Friday. Jefferies Financial Group increased their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus target price of $367.27.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 4,675 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the sale, the chief financial officer owned 89,220 shares in the company, valued at approximately $28,750,252.80. The trade was a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,070,522.56. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,515 shares of company stock valued at $272,046,775 in the last three months. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Company 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.