OMERS ADMINISTRATION Corp Sells 1,029 Shares of Coinbase Global, Inc. $COIN

Key Points

• OMERS Administration Corp reduced its stake in Coinbase Global, Inc. by 14.2%, selling 1,029 shares and retaining a total of 6,226 shares worth approximately $1,072,000.
• A number of institutional investors, including Vanguard Group and ARK Investment Management, have increased their holdings in Coinbase, indicating a growing interest as 68.84% of the stock is currently owned by such investors.
• Equities analysts have set varying price targets for Coinbase Global, with Jefferies Financial Group raising its target from $260 to $405, while JPMorgan Chase & Co. lowered its target from $276 to $215, reflecting divergent outlooks on the stock.

OMERS ADMINISTRATION Corp trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 14.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,226 shares of the cryptocurrency exchange's stock after selling 1,029 shares during the period. OMERS ADMINISTRATION Corp's holdings in Coinbase Global were worth $1,072,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment lifted its holdings in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Coinbase Global by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after purchasing an additional 7,675 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Coinbase Global by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after purchasing an additional 222,789 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the sale, the insider directly owned 82,328 shares of the company's stock, valued at $25,587,542.40. This trade represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $171,849.46. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,170,871 shares of company stock valued at $436,447,826. 23.43% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on COIN shares. Jefferies Financial Group increased their target price on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. cut their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. The Goldman Sachs Group increased their price target on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. Sanford C. Bernstein increased their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, China Renaissance assumed coverage on Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. Thirteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $352.72.

Coinbase Global Trading Down 1.3%

Shares of Coinbase Global stock opened at $304.54 on Monday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market cap of $78.25 billion, a PE ratio of 29.45 and a beta of 3.68. The stock has a fifty day moving average price of $348.44 and a 200-day moving average price of $262.97. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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 net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $0.14 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts anticipate 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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.