Whittier Trust Co. Decreases Stake in Coinbase Global, Inc. $COIN

Key Points

• Whittier Trust Co. has reduced its stake in Coinbase Global, Inc. by 4.8%, now owning 58,881 shares worth approximately $20.6 million.
• Insider selling has increased, with CEO Brian Armstrong selling 25,000 shares valued at nearly $8.9 million, resulting in a significant decrease of his holdings.
• Analysts have mixed ratings on Coinbase, with a consensus rating of Moderate Buy and a target price around $369.01, indicating varied outlooks on the stock's future performance.

Whittier Trust Co. reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 4.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 58,881 shares of the cryptocurrency exchange's stock after selling 2,949 shares during the period. Whittier Trust Co.'s holdings in Coinbase Global were worth $20,637,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Privium Fund Management B.V. purchased a new stake in shares of Coinbase Global during the 2nd quarter worth $24,186,000. Atlantic Edge Private Wealth Management LLC purchased a new position in Coinbase Global during the 2nd quarter valued at about $202,000. Securian Asset Management Inc. acquired a new position in Coinbase Global during the second quarter worth about $3,871,000. Phoenix Financial Ltd. raised its position in Coinbase Global by 299.5% during the second quarter. Phoenix Financial Ltd. now owns 6,121 shares of the cryptocurrency exchange's stock worth $2,145,000 after acquiring an additional 4,589 shares during the last quarter. Finally, Stephens Inc. AR acquired a new position in Coinbase Global during the second quarter worth about $368,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. HC Wainwright restated a "sell" rating and set a $300.00 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. Argus assumed coverage on shares of Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 target price for the company. Rothschild & Co Redburn upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $325.00 to $417.00 in a research report on Friday, October 3rd. Finally, Needham & Company LLC upped their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $369.01.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $186,977.22. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the transaction, the insider directly owned 478 shares of the company's stock, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock valued at $67,479,576 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Coinbase Global Price Performance

NASDAQ:COIN opened at $343.78 on Tuesday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company's 50-day moving average is $328.75 and its two-hundred day moving average is $295.56. 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 cap of $88.33 billion, a price-to-earnings ratio of 33.25 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company earned $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. Research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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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