Scotia Capital Inc. lessened its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) by 5.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,733 shares of the cryptocurrency exchange’s stock after selling 169 shares during the period. Scotia Capital Inc.’s holdings in Coinbase Global were worth $519,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in COIN. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $25,000. Wagner Wealth Management LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth about $27,000. Cornerstone Advisory LLC acquired a new stake in shares of Coinbase Global during the fourth quarter worth about $27,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Coinbase Global in the 1st quarter valued at about $28,000. Finally, Trustcore Financial Services LLC boosted its position in shares of Coinbase Global by 504.8% in the 4th quarter. Trustcore Financial Services LLC now owns 127 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 39.01% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on COIN shares. BTIG Research reduced their price objective on Coinbase Global from $380.00 to $290.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Citigroup dropped their price objective on shares of Coinbase Global from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 5th. Cowen began coverage on Coinbase Global in a report on Thursday, May 26th. They set an “outperform” rating on the stock. Wedbush dropped their price target on Coinbase Global from $160.00 to $100.00 in a research report on Wednesday, May 11th. Finally, Needham & Company LLC decreased their price objective on Coinbase Global from $173.00 to $89.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average target price of $170.52.
Coinbase Global Price Performance
NASDAQ:COIN opened at $90.49 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a 50-day moving average price of $63.32 and a two-hundred day moving average price of $118.40. Coinbase Global, Inc. has a twelve month low of $40.83 and a twelve month high of $368.90.
Insider Activity
In related news, insider Paul Grewal sold 1,090 shares of Coinbase Global stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total transaction of $73,313.40. Following the completion of the transaction, the insider now directly owns 43,220 shares in the company, valued at approximately $2,906,977.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Frederick Ernest Ehrsam III purchased 385,260 shares of the firm’s stock in a transaction on Tuesday, May 17th. The shares were bought at an average cost of $64.93 per share, with a total value of $25,014,931.80. Following the purchase, the director now directly owns 1,091,814 shares of the company’s stock, valued at $70,891,483.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 1,090 shares of Coinbase Global stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $67.26, for a total transaction of $73,313.40. Following the sale, the insider now owns 43,220 shares of the company’s stock, valued at $2,906,977.20. The disclosure for this sale can be found here. Company insiders own 36.10% of the company’s stock.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
See Also
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