J. Safra Sarasin Holding AG Sells 1,099 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Coinbase Global by 6.1%, owning 16,781 shares after selling 1,099 shares during the first quarter.
• Coinbase Global's stock is currently down 16.7%, with a market capitalization of $79.89 billion and a recent PE ratio of 30.43.
• Coinbase reported quarterly earnings of $0.12 EPS, significantly missing the consensus estimate of $0.91, with revenues at $1.50 billion compared to an expected $1.68 billion.

J. Safra Sarasin Holding AG decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 6.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,781 shares of the cryptocurrency exchange's stock after selling 1,099 shares during the period. J. Safra Sarasin Holding AG's holdings in Coinbase Global were worth $2,890,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in COIN. Envestnet Asset Management Inc. raised its stake 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 acquiring an additional 9,952 shares in the last quarter. Amalgamated Bank boosted its holdings in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after purchasing an additional 629 shares during the last quarter. KCM Investment Advisors LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $507,000. GAMMA Investing LLC lifted its stake in Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after buying an additional 84 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after purchasing an additional 1,454 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday. Williams Trading set a $405.00 price target on shares of Coinbase Global in a research note on Thursday. Sanford C. Bernstein boosted their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price for the company. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $352.18.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,183,340 shares of company stock valued at $434,983,956. 23.43% of the stock is owned by company insiders.

Coinbase Global Price Performance

Coinbase Global stock traded up $3.48 during trading hours on Monday, reaching $318.17. 12,062,548 shares of the stock were exchanged, compared to its average volume of 14,471,941. The stock has a 50 day moving average of $327.63 and a two-hundred day moving average of $259.38. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market cap of $80.78 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted $0.14 earnings per share. The company's revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.