QRG Capital Management Inc. Decreases Position in Coinbase Global, Inc. $COIN

Key Points

• QRG Capital Management Inc. has significantly reduced its stake in Coinbase Global by 57.4%, now holding 14,166 shares valued at approximately $4.97 million after selling 19,121 shares.
• Coinbase Global's stock price increased by 2.1% recently, with a current market capitalization of $97.64 billion and recent quarterly earnings per share of $0.12, missing estimates by ($0.79).
• Insider trading activity saw 714,515 shares sold by company insiders over the last three months, indicating a potential decrease in confidence among executives.

QRG Capital Management Inc. cut its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 57.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,166 shares of the cryptocurrency exchange's stock after selling 19,121 shares during the period. QRG Capital Management Inc.'s holdings in Coinbase Global were worth $4,965,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of COIN. Bessemer Group Inc. raised its holdings in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after buying an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in shares of Coinbase Global during the first quarter valued at approximately $30,000. S Bank Fund Management Ltd purchased a new position in shares of Coinbase Global during the first quarter valued at approximately $31,000. SouthState Corp raised its holdings in shares of Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after purchasing an additional 104 shares during the last quarter. Finally, NBT Bank N A NY purchased a new stake in Coinbase Global during the first quarter valued at approximately $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 2.1%

NASDAQ:COIN opened at $380.02 on Monday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock has a market capitalization of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company's 50-day simple moving average is $323.62 and its 200-day simple moving average is $282.11.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the business posted $0.14 earnings per share. The firm's quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total transaction of $527,713.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $25,070,522.56. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock worth $272,046,775 over the last ninety days. Company insiders own 23.43% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Argus started coverage on shares of Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 target price for the company. Jefferies Financial Group upped their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Finally, China Renaissance started coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $367.27.

Coinbase Global 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.

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