ExodusPoint Capital Management LP trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN) by 57.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,299 shares of the cryptocurrency exchange’s stock after selling 33,301 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Coinbase Global were worth $1,642,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Lazard Asset Management LLC raised its stake in shares of Coinbase Global by 3,355.6% in the first quarter. Lazard Asset Management LLC now owns 311 shares of the cryptocurrency exchange’s stock valued at $59,000 after purchasing an additional 302 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Coinbase Global in the first quarter valued at $27,000. Covestor Ltd grew its position in Coinbase Global by 9,516.7% in the first quarter. Covestor Ltd now owns 577 shares of the cryptocurrency exchange’s stock valued at $110,000 after acquiring an additional 571 shares during the period. Ancora Advisors LLC grew its position in Coinbase Global by 144.0% in the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock valued at $26,000 after acquiring an additional 435 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its position in Coinbase Global by 1,275.4% in the first quarter. Harvest Fund Management Co. Ltd now owns 784 shares of the cryptocurrency exchange’s stock valued at $53,000 after acquiring an additional 727 shares during the period. 45.96% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Coinbase Global
In other news, insider Paul Grewal sold 3,573 shares of the firm’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $110.07, for a total transaction of $393,280.11. Following the sale, the insider now owns 56,860 shares of the company’s stock, valued at $6,258,580.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Paul Grewal sold 3,573 shares of the firm’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $110.07, for a total transaction of $393,280.11. Following the sale, the insider now owns 56,860 shares of the company’s stock, valued at $6,258,580.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 74,375 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $70.00, for a total value of $5,206,250.00. Following the sale, the chief accounting officer now directly owns 34,752 shares in the company, valued at approximately $2,432,640. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 335,788 shares of company stock valued at $27,245,880. 33.16% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have weighed in on COIN shares. Canaccord Genuity Group upped their price target on Coinbase Global from $70.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Canaccord Genuity Group upped their price target on Coinbase Global from $70.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Barclays reiterated an “underweight” rating and issued a $70.00 price target on shares of Coinbase Global in a research report on Friday, August 4th. Bank of America upped their price target on Coinbase Global from $49.00 to $58.00 and gave the company an “underperform” rating in a research report on Tuesday, July 25th. Finally, Daiwa Capital Markets upgraded Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $58.00 to $65.00 in a report on Monday, May 8th. Seven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.38.
Check Out Our Latest Stock Analysis on Coinbase Global
Coinbase Global Trading Down 2.0 %
NASDAQ:COIN opened at $77.99 on Friday. Coinbase Global, Inc. has a 1-year low of $31.55 and a 1-year high of $114.43. The business’s 50-day moving average price is $85.28 and its two-hundred day moving average price is $69.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $18.50 billion, a price-to-earnings ratio of -13.80 and a beta of 2.72.
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its earnings results on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.36. Coinbase Global had a negative return on equity of 20.68% and a negative net margin of 47.33%. The firm had revenue of $707.91 million for the quarter, compared to analyst estimates of $627.60 million. During the same quarter in the prior year, the firm posted ($4.95) earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. On average, equities analysts expect that Coinbase Global, Inc. will post -1.45 earnings per share for the current year.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
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