Ritholtz Wealth Management Sells 832 Shares of Coinbase Global, Inc. $COIN

Key Points

• Ritholtz Wealth Management reduced its position in Coinbase Global by 54.3%, selling 832 shares and owning 701 shares worth approximately $246,000.
• Coinbase Global recently reported $0.12 earnings per share, missing expectations, with a revenue of $1.50 billion, below the consensus of $1.68 billion.
• Institutional ownership of Coinbase Global stands at 68.84%, with several firms adjusting their stakes, including Groupama Asset Management increasing its holdings by 100%.

Ritholtz Wealth Management lowered its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 54.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 701 shares of the cryptocurrency exchange's stock after selling 832 shares during the period. Ritholtz Wealth Management's holdings in Coinbase Global were worth $246,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in COIN. Groupama Asset Managment increased its position in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Nuveen LLC bought a new stake in shares of Coinbase Global during the first quarter valued at approximately $83,454,000. Amundi grew its position in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Coinbase Global by 2,647.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock worth $66,572,000 after purchasing an additional 191,300 shares during the period. Institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Down 1.5%

Shares of COIN stock opened at $338.62 on Wednesday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a fifty day moving average price of $329.07 and a 200-day moving average price of $295.86. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The company has a market cap of $87.01 billion, a price-to-earnings ratio of 32.75 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) 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 business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned $0.14 EPS. The company's revenue was up 3.3% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. The trade was a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on COIN. Oppenheimer reaffirmed an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Rothschild Redb raised shares of Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Mizuho set a $300.00 target price on shares of Coinbase Global in a research report on Thursday, September 18th. Finally, Argus began coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $369.01.

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.

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.