Simplicity Wealth LLC Sells 8,917 Shares of Coinbase Global, Inc. $COIN

Key Points

• Simplicity Wealth LLC significantly reduced its stake in Coinbase Global, Inc. by 86.3%, selling 8,917 shares and leaving it with only 1,418 shares valued at approximately $497,000.
• Institutions own 68.84% of Coinbase's stock, with Envestnet Asset Management and Parallel Advisors increasing their positions by 24.0% and 102.6%, respectively, indicating strong institutional interest.
• Analysts have set a consensus price target of $367.27 for Coinbase, with various ratings including a "buy" from Argus and a neutral rating from Goldman Sachs.

Simplicity Wealth LLC decreased its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 86.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,418 shares of the cryptocurrency exchange's stock after selling 8,917 shares during the quarter. Simplicity Wealth LLC's holdings in Coinbase Global were worth $497,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after purchasing an additional 9,952 shares during the last quarter. Amalgamated Bank grew its position in Coinbase Global by 4.8% during the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after buying an additional 629 shares in the last quarter. Kera Capital Partners Inc. grew its position in Coinbase Global by 3.0% during the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock worth $12,954,000 after buying an additional 1,085 shares in the last quarter. Parallel Advisors LLC grew its position in Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock worth $3,738,000 after buying an additional 5,402 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on COIN. The Goldman Sachs Group upped their target price on Coinbase Global from $351.00 to $363.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Argus began coverage on Coinbase Global in a research note on Monday, July 14th. They set a "buy" rating and a $400.00 target price for the company. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. Erste Group Bank began coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating for the company. Finally, Mizuho set a $300.00 target price on Coinbase Global in a research note on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $367.27.

Coinbase Global Stock Down 2.7%

Shares of COIN opened at $375.78 on Wednesday. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The stock has a market capitalization of $96.55 billion, a price-to-earnings ratio of 36.34 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 stock has a fifty day moving average of $323.84 and a 200-day moving average of $284.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 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 previous year, the company posted $0.14 earnings per share. The firm's revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. This represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 739,515 shares of company stock valued at $280,933,525 over the last quarter. 23.43% of the stock is owned by corporate insiders.

About Coinbase Global

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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