Russell Investments Group Ltd. Has $3.60 Million Holdings in Coinbase Global, Inc. $COIN

Key Points

• Russell Investments Group Ltd. reduced its stake in Coinbase Global by 19.5%, now holding 20,856 shares valued at approximately $3.6 million.
• Coinbase reported a loss of $0.79 per share in its latest quarter, significantly missing analyst expectations of $0.91, while its revenue was $1.50 billion, below consensus estimates.
• Insider sales for Coinbase saw CEO Brian Armstrong sell 25,000 shares for over $8 million, drastically reducing his ownership by 97.94%.

Russell Investments Group Ltd. cut its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 19.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,856 shares of the cryptocurrency exchange's stock after selling 5,064 shares during the quarter. Russell Investments Group Ltd.'s holdings in Coinbase Global were worth $3,598,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in COIN. Vivaldi Capital Management LP lifted its position in shares of Coinbase Global by 0.3% in the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock valued at $3,437,000 after acquiring an additional 47 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Coinbase Global by 0.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock valued at $2,746,000 after purchasing an additional 55 shares in the last quarter. Callan Capital LLC boosted its position in shares of Coinbase Global by 5.1% in the first quarter. Callan Capital LLC now owns 1,247 shares of the cryptocurrency exchange's stock worth $215,000 after buying an additional 61 shares during the period. TRU Independence Asset Management 2 LLC grew its holdings in shares of Coinbase Global by 2.7% during the first quarter. TRU Independence Asset Management 2 LLC now owns 2,493 shares of the cryptocurrency exchange's stock valued at $429,000 after buying an additional 65 shares in the last quarter. Finally, Visionary Wealth Advisors raised its position in Coinbase Global by 5.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,403 shares of the cryptocurrency exchange's stock valued at $348,000 after buying an additional 67 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

Shares of COIN opened at $319.85 on Friday. The firm has a market cap of $82.18 billion, a price-to-earnings ratio of 30.93 and a beta of 3.70. The company's fifty day moving average is $346.00 and its 200-day moving average is $262.04. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64.

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). The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 earnings per share. Equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total transaction of $8,167,750.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $171,849.46. This represents a 97.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the transaction, the insider directly owned 82,328 shares in the company, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,185,704 shares of company stock valued at $438,918,732. 17.65% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

COIN has been the topic of several research analyst reports. Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright restated a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a research note on Monday, August 4th. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Thirteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of "Hold" and a consensus price target of $352.72.

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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