Envestnet Asset Management Inc. lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) by 18.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,891 shares of the cryptocurrency exchange’s stock after selling 6,403 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $5,485,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $25,000. Wagner Wealth Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Cornerstone Advisory LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Creative Financial Designs Inc. ADV bought a new stake in shares of Coinbase Global in the 1st quarter worth approximately $28,000. Finally, Trustcore Financial Services LLC raised its holdings in Coinbase Global by 504.8% during the 4th quarter. Trustcore Financial Services LLC now owns 127 shares of the cryptocurrency exchange’s stock valued at $32,000 after acquiring an additional 106 shares during the period. Institutional investors own 39.01% of the company’s stock.
Insider Buying and Selling at Coinbase Global
In other Coinbase Global news, insider Paul Grewal sold 1,090 shares of the company’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $67.26, for a total transaction of $73,313.40. Following the completion of the sale, the insider now directly owns 43,220 shares in the company, valued at $2,906,977.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Paul Grewal sold 1,090 shares of the company’s stock in a transaction dated Monday, May 23rd. The shares were 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 of the company’s stock, valued at $2,906,977.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III purchased 385,260 shares of the firm’s stock in a transaction that occurred on Tuesday, May 17th. The stock was bought at an average cost of $64.93 per share, with a total value of $25,014,931.80. Following the completion of the purchase, the director now owns 1,091,814 shares of the company’s stock, valued at $70,891,483.02. The disclosure for this purchase can be found here. Company insiders own 36.10% of the company’s stock.
Analyst Ratings Changes
COIN has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Coinbase Global from $61.00 to $64.00 and gave the company a “neutral” rating in a report on Wednesday. JMP Securities lowered their target price on shares of Coinbase Global from $205.00 to $195.00 and set a “market outperform” rating on the stock in a report on Wednesday. Wedbush lowered their target price on shares of Coinbase Global from $160.00 to $100.00 in a report on Wednesday, May 11th. DA Davidson boosted their target price on shares of Coinbase Global from $90.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Finally, BTIG Research decreased their price target on shares of Coinbase Global from $380.00 to $290.00 and set a “buy” rating on the stock in a report on Wednesday, June 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $170.52.
Coinbase Global Stock Performance
NASDAQ COIN opened at $84.00 on Friday. The company has a 50-day simple moving average of $62.84 and a two-hundred day simple moving average of $119.84. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.52. Coinbase Global, Inc. has a 12-month low of $40.83 and a 12-month high of $368.90. The firm has a market cap of $18.44 billion, a price-to-earnings ratio of -41.58 and a beta of 3.59.
Coinbase Global (NASDAQ:COIN – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($2.33). Coinbase Global had a negative net margin of 4.79% and a negative return on equity of 4.56%. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the company earned $3.05 earnings per share. The business’s quarterly revenue was down 35.2% on a year-over-year basis. On average, equities analysts forecast that Coinbase Global, Inc. will post -8.46 EPS for the current year.
Coinbase Global 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.
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