Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 100.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,328 shares of the cryptocurrency exchange's stock after selling 33,834,095 shares during the quarter. Lazard Asset Management LLC's holdings in Coinbase Global were worth $329,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Savant Capital LLC purchased a new position in Coinbase Global in the 4th quarter valued at approximately $591,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Coinbase Global by 33.4% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange's stock worth $25,729,000 after buying an additional 25,972 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Coinbase Global by 9.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 90,265 shares of the cryptocurrency exchange's stock worth $22,413,000 after buying an additional 7,597 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Coinbase Global by 198.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 13,614 shares of the cryptocurrency exchange's stock worth $3,380,000 after acquiring an additional 9,045 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $322,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director now directly owns 10,417 shares of the company's stock, valued at $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 7,575 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 114,866 shares in the company, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,786 shares of company stock valued at $33,345,024. Company insiders own 17.65% of the company's stock.

Coinbase Global Stock Up 1.8%

Shares of NASDAQ:COIN traded up $4.64 during trading on Tuesday, hitting $267.80. The company's stock had a trading volume of 5,011,078 shares, compared to its average volume of 10,304,103. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The stock's 50-day moving average price is $201.06 and its two-hundred day moving average price is $246.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $67.99 billion, a PE ratio of 28.20 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the firm posted $2.53 earnings per share. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on COIN. Sanford C. Bernstein upgraded Coinbase Global to a "strong-buy" rating in a research report on Tuesday, March 18th. JPMorgan Chase & Co. lowered their price target 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. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a research note on Monday, May 12th. Oppenheimer set a $293.00 target price on shares of Coinbase Global in a research note on Thursday, May 15th. Finally, Benchmark increased their price target on Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $266.10.

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.