Phoenix Financial Ltd. Sells 2,874 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Phoenix Financial Ltd. has significantly reduced its holdings in Coinbase Global, Inc. by 65.2%, owning only 1,532 shares after selling 2,874 shares in the first quarter.
• Insider trading activity included CEO Brian Armstrong selling 198,300 shares for approximately $78.9 million, representing a 99.74% decrease in his position.
• Various analysts have recently increased their target prices for Coinbase, with Barclays adjusting their target from $202 to $359 and Argus setting a new buy rating with a target of $400.

Phoenix Financial Ltd. reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 65.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,532 shares of the cryptocurrency exchange's stock after selling 2,874 shares during the period. Phoenix Financial Ltd.'s holdings in Coinbase Global were worth $265,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. lifted its stake in Coinbase Global by 44.9% in the fourth quarter. Sei Investments Co. now owns 20,938 shares of the cryptocurrency exchange's stock worth $5,200,000 after purchasing an additional 6,488 shares during the last quarter. Financial Engines Advisors L.L.C. bought a new stake in Coinbase Global in the fourth quarter worth $213,000. Korea Investment CORP lifted its stake in Coinbase Global by 109.0% in the fourth quarter. Korea Investment CORP now owns 108,350 shares of the cryptocurrency exchange's stock worth $26,903,000 after purchasing an additional 56,500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Coinbase Global by 5.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,348 shares of the cryptocurrency exchange's stock worth $41,774,000 after purchasing an additional 7,715 shares during the last quarter. Finally, Loomis Sayles & Co. L P bought a new stake in Coinbase Global in the fourth quarter worth $59,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

Coinbase Global stock traded up $9.11 during midday trading on Wednesday, reaching $380.55. 5,206,352 shares of the company traded hands, compared to its average volume of 11,372,364. The firm has a market capitalization of $96.61 billion, a price-to-earnings ratio of 71.11, a price-to-earnings-growth ratio of 28.93 and a beta of 3.70. The business has a 50 day moving average of $322.12 and a two-hundred day moving average of $257.53. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter last year, the company earned $2.53 EPS. As a group, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,208,340 shares of company stock worth $439,997,456. 23.43% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on COIN. Oppenheimer boosted their price objective on shares of Coinbase Global from $395.00 to $417.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Cantor Fitzgerald began coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price objective on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research report on Friday, May 9th. Erste Group Bank assumed coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Finally, Argus assumed coverage on shares of Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of "Hold" and a consensus price target of $336.58.

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.