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

Lazard Asset Management LLC cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 100.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. 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 reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its stake in Coinbase Global by 21.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,364 shares of the cryptocurrency exchange's stock valued at $1,084,000 after buying an additional 783 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Coinbase Global during the 4th quarter worth about $322,000. HB Wealth Management LLC raised its holdings in Coinbase Global by 21.5% during the fourth quarter. HB Wealth Management LLC now owns 1,540 shares of the cryptocurrency exchange's stock worth $382,000 after purchasing an additional 272 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after buying an additional 106 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of Coinbase Global by 15.5% in the 4th quarter. Harbor Investment Advisory LLC now owns 737 shares of the cryptocurrency exchange's stock valued at $183,000 after buying an additional 99 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of COIN traded down $10.97 during mid-day trading on Wednesday, hitting $255.43. The company's stock had a trading volume of 2,768,423 shares, compared to its average volume of 10,163,367. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75. The firm has a market capitalization of $64.85 billion, a P/E ratio of 26.92 and a beta of 3.62. The firm has a 50-day simple moving average of $202.58 and a 200 day simple moving average of $246.56.

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

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's 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 owns 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 1,952 shares of Coinbase Global stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $250.00, for a total value of $488,000.00. Following the transaction, the insider now directly owns 81,773 shares of the company's stock, valued at $20,443,250. This trade represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 157,786 shares of company stock valued at $33,345,024. Corporate insiders own 17.65% of the company's stock.

Analyst Ratings Changes

COIN has been the subject of a number of research reports. HC Wainwright reissued a "buy" rating and issued a $350.00 price target on shares of Coinbase Global in a research report on Friday, February 21st. Cantor Fitzgerald initiated coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. Benchmark raised 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. Keefe, Bruyette & Woods boosted their price objective on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. Finally, Oppenheimer set a $293.00 price objective on Coinbase Global in a report on Thursday, May 15th. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $266.10.

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.