Janney Montgomery Scott LLC Sells 10,745 Shares of Coinbase Global, Inc. $COIN

Key Points

• Janney Montgomery Scott LLC sold 10,745 shares of Coinbase Global, Inc., reducing its stake by 24.9%, leaving it with 32,491 shares valued at $11,388,000.
• Wall Street analysts have varied target prices for Coinbase, with a consensus target of $367.27, indicating mixed sentiment with 15 Buy ratings and 11 Hold ratings.
• CEO Brian Armstrong sold 198,300 shares worth approximately $78.9 million, representing a significant 99.74% decrease in his ownership of the stock.

Janney Montgomery Scott LLC lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 24.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,491 shares of the cryptocurrency exchange's stock after selling 10,745 shares during the quarter. Janney Montgomery Scott LLC's holdings in Coinbase Global were worth $11,388,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew 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 worth $8,861,000 after purchasing an additional 9,952 shares during the period. Amalgamated Bank raised its holdings in Coinbase Global by 4.8% during the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after acquiring an additional 629 shares in the last quarter. Kera Capital Partners Inc. increased its position in Coinbase Global by 3.0% during the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock worth $12,954,000 after buying an additional 1,085 shares during the last quarter. Parallel Advisors LLC increased its position in Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock worth $3,738,000 after buying an additional 5,402 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after purchasing an additional 84 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research reports. BTIG Research initiated coverage on Coinbase Global in a research report on Wednesday. They issued a "buy" rating and a $410.00 target price on the stock. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Bank of America cut their target price on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday. JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Fifteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $367.27.

Coinbase Global Stock Performance

Coinbase Global stock opened at $380.02 on Friday. 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 company has a market capitalization of $97.64 billion, a PE ratio of 36.75 and a beta of 3.68. The firm has a fifty day simple moving average of $323.62 and a two-hundred day simple moving average of $280.84. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

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 the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 earnings per share. Research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity

In other news, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 714,515 shares of company stock valued at $272,046,775. Insiders own 17.65% of the company's stock.

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.

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