ICONIQ Capital LLC Decreases Stake in Coinbase Global, Inc. $COIN

Key Points

• ICONIQ Capital LLC has reduced its stake in Coinbase Global, Inc. by 2.5%, holding 93,471 shares valued at approximately $16.1 million, making it the firm's 22nd largest investment.
• Several hedge funds have increased their positions in Coinbase, with Kingswood Wealth Advisors increasing their stake by 124.5%, highlighting significant investor interest in the company.
• Coinbase's recent earnings report showed a loss of $0.79 per share against analysts' expectations, with Q2 revenue at $1.5 billion, which was below the predicted $1.68 billion.

ICONIQ Capital LLC lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,471 shares of the cryptocurrency exchange's stock after selling 2,381 shares during the quarter. Coinbase Global accounts for about 0.3% of ICONIQ Capital LLC's investment portfolio, making the stock its 22nd biggest holding. ICONIQ Capital LLC's holdings in Coinbase Global were worth $16,099,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of COIN. Envestnet Asset Management Inc. increased its position in 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 acquiring an additional 9,952 shares during 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. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at $171,849.46. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,185,704 shares of company stock valued at $438,918,732 in the last quarter. 17.65% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Erste Group Bank assumed coverage on Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating for the company. William Blair assumed coverage on Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Monness Crespi & Hardt cut Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. 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. Finally, Jefferies Financial Group upped their price target on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $352.72.

Coinbase Global Stock Performance

Shares of COIN opened at $319.85 on Friday. The stock has a market cap of $82.18 billion, a price-to-earnings ratio of 30.93 and a beta of 3.70. 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 simple moving average of $346.00 and a two-hundred day simple moving average of $262.04. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week 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. On average, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

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