Vident Advisory LLC Reduces Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• Vident Advisory LLC reduced its holdings in Coinbase Global by 29.8%, owning 25,575 shares worth $4.41 million after selling over 10,000 shares in the first quarter.
• Coinbase Global's latest earnings report showed an EPS of $0.12, significantly missing the consensus estimate of $0.91, with revenue at $1.50 billion, compared to the expected $1.68 billion.
• Institutional investors own 68.84% of Coinbase Global, with a notable increase of over 297% in holdings from Bessemer Group during the first quarter.

Vident Advisory LLC cut its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 29.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,575 shares of the cryptocurrency exchange's stock after selling 10,831 shares during the period. Vident Advisory LLC's holdings in Coinbase Global were worth $4,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Clough Capital Partners L P raised its position in Coinbase Global by 462.4% during the 1st quarter. Clough Capital Partners L P now owns 34,618 shares of the cryptocurrency exchange's stock valued at $5,962,000 after purchasing an additional 28,463 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in Coinbase Global during the 1st quarter valued at $434,000. Canada Pension Plan Investment Board raised its position in Coinbase Global by 10.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 235,230 shares of the cryptocurrency exchange's stock valued at $40,514,000 after purchasing an additional 23,041 shares in the last quarter. Trexquant Investment LP raised its position in Coinbase Global by 351.3% during the 1st quarter. Trexquant Investment LP now owns 139,924 shares of the cryptocurrency exchange's stock valued at $24,099,000 after purchasing an additional 108,916 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in Coinbase Global during the 1st quarter valued at $3,141,000. 68.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 1,170,871 shares of company stock worth $436,447,826. 23.43% of the stock is owned by insiders.

Coinbase Global Stock Down 1.3%

Shares of NASDAQ:COIN traded down $3.93 on Monday, reaching $304.54. The company had a trading volume of 6,599,918 shares, compared to its average volume of 10,336,883. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The firm's 50 day simple moving average is $348.38 and its 200-day simple moving average is $263.18. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $78.25 billion, a PE ratio of 29.45 and a beta of 3.68.

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

Wall Street Analyst Weigh In

COIN has been the subject of a number of research analyst reports. William Blair initiated coverage on Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Keefe, Bruyette & Woods cut their price target on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Citigroup lifted their price target on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $352.72.

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.