WCG Wealth Advisors LLC Lowers Stake in Coinbase Global, Inc. (NASDAQ:COIN)

WCG Wealth Advisors LLC lessened its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 11.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,937 shares of the cryptocurrency exchange's stock after selling 1,529 shares during the period. WCG Wealth Advisors LLC's holdings in Coinbase Global were worth $2,964,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of COIN. Wingate Wealth Advisors Inc. acquired a new position in shares of Coinbase Global in the fourth quarter worth about $27,000. Atala Financial Inc acquired a new stake in Coinbase Global during the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its stake in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock valued at $34,000 after buying an additional 106 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global during the fourth quarter valued at approximately $35,000. Finally, Studio Investment Management LLC bought a new position in shares of Coinbase Global during the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

COIN has been the subject of several recent research reports. HC Wainwright reaffirmed a "buy" rating and set a $350.00 target price on shares of Coinbase Global in a report on Friday, February 21st. Needham & Company LLC lowered their target price on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a report on Monday, May 12th. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a report on Friday, May 9th. JPMorgan Chase & Co. decreased their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a report on Monday, May 12th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $266.40.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director now owns 10,417 shares of the company's stock, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 1,952 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $250.00, for a total value of $488,000.00. Following the completion of the sale, the insider now directly owns 81,773 shares of the company's stock, valued at approximately $20,443,250. The trade was a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,764 shares of company stock worth $35,671,592 over the last quarter. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

COIN opened at $271.95 on Friday. The stock has a fifty day moving average of $197.95 and a 200-day moving average of $246.11. The firm has a market capitalization of $69.04 billion, a P/E ratio of 28.63 and a beta of 3.62. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 EPS. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

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.