Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Zacks Investment Management

Zacks Investment Management cut its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 34.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,511 shares of the cryptocurrency exchange's stock after selling 6,002 shares during the quarter. Zacks Investment Management's holdings in Coinbase Global were worth $2,051,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in COIN. Banco Santander S.A. increased its stake in Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange's stock valued at $26,531,000 after buying an additional 16,737 shares during the period. Global Retirement Partners LLC increased its stake in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange's stock worth $477,000 after acquiring an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global during the third quarter worth about $29,756,000. Lindbrook Capital LLC lifted its position in Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange's stock valued at $5,347,000 after purchasing an additional 6,963 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in Coinbase Global in the 2nd quarter valued at approximately $2,908,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Down 2.6 %

NASDAQ:COIN traded down $8.10 on Tuesday, reaching $302.42. The stock had a trading volume of 11,893,210 shares, compared to its average volume of 11,298,259. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 52.75 and a beta of 3.56. Coinbase Global, Inc. has a 12-month low of $114.51 and a 12-month high of $349.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm's fifty day moving average is $245.35 and its two-hundred day moving average is $222.92.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global's revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. Equities analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total transaction of $2,475,615.96. Following the sale, the director now directly owns 10,417 shares of the company's stock, valued at approximately $3,386,983.38. This trade represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 272,220 shares of company stock valued at $80,030,608 over the last quarter. Company insiders own 23.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on COIN shares. B. Riley assumed coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a "neutral" rating and a $185.00 target price for the company. The Goldman Sachs Group increased their price objective on Coinbase Global from $183.00 to $397.00 and gave the stock a "neutral" rating in a research report on Monday, December 2nd. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a report on Monday, October 28th. They issued a "buy" rating and a $245.00 price target for the company. Finally, Oppenheimer raised their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an "outperform" rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $276.22.

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.