Concord Wealth Partners Lowers Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Posted by on Apr 13th, 2023

Concord Wealth Partners decreased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 51.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,758 shares of the cryptocurrency exchange’s stock after selling 1,836 shares during the quarter. Concord Wealth Partners’ holdings in Coinbase Global were worth $62,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nuveen Asset Management LLC boosted its stake in shares of Coinbase Global by 44.5% in the third quarter. Nuveen Asset Management LLC now owns 422,768 shares of the cryptocurrency exchange’s stock worth $27,265,000 after buying an additional 130,178 shares during the last quarter. Empowered Funds LLC purchased a new position in Coinbase Global during the third quarter worth approximately $200,000. Lindbrook Capital LLC boosted its position in Coinbase Global by 2,842.8% during the fourth quarter. Lindbrook Capital LLC now owns 64,800 shares of the cryptocurrency exchange’s stock worth $2,293,000 after purchasing an additional 62,598 shares in the last quarter. Private Advisor Group LLC boosted its position in Coinbase Global by 18.0% during the third quarter. Private Advisor Group LLC now owns 20,865 shares of the cryptocurrency exchange’s stock worth $1,346,000 after purchasing an additional 3,186 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Coinbase Global by 2.8% during the third quarter. Toronto Dominion Bank now owns 32,944 shares of the cryptocurrency exchange’s stock worth $2,124,000 after purchasing an additional 889 shares in the last quarter. Hedge funds and other institutional investors own 46.41% of the company’s stock.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 29,730 shares of the firm’s stock in a transaction on Monday, April 10th. The stock was sold at an average price of $62.58, for a total transaction of $1,860,503.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, CEO Brian Armstrong sold 29,730 shares of the firm’s stock in a transaction on Monday, April 10th. The stock was sold at an average price of $62.58, for a total transaction of $1,860,503.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tobias Lutke purchased 6,834 shares of the stock in a transaction dated Wednesday, January 18th. The shares were purchased at an average price of $54.21 per share, with a total value of $370,471.14. Following the completion of the transaction, the director now owns 190,670 shares of the company’s stock, valued at $10,336,220.70. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 24,994 shares of company stock valued at $1,471,991 and sold 245,828 shares valued at $15,007,227. 36.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on Coinbase Global from $34.00 to $40.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 22nd. DA Davidson downgraded Coinbase Global from a “buy” rating to a “neutral” rating and increased their price target for the stock from $55.00 to $60.00 in a research report on Thursday, February 16th. Bank of America increased their price target on Coinbase Global from $38.00 to $45.00 and gave the stock an “underperform” rating in a research report on Thursday, April 6th. Keefe, Bruyette & Woods lowered their price target on Coinbase Global from $37.00 to $32.00 and set an “underperform” rating on the stock in a research report on Thursday, January 12th. Finally, JPMorgan Chase & Co. increased their price target on Coinbase Global from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 22nd. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $68.72.

Coinbase Global Price Performance

NASDAQ:COIN opened at $67.84 on Thursday. Coinbase Global, Inc. has a one year low of $31.55 and a one year high of $156.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $15.70 billion, a PE ratio of -5.72 and a beta of 2.62. The stock has a 50 day moving average price of $65.30 and a 200 day moving average price of $56.62.

Coinbase Global (NASDAQ:COIN – Get Rating) last posted its earnings results on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.39) by ($0.07). The business had revenue of $629.10 million for the quarter, compared to analyst estimates of $587.37 million. Coinbase Global had a negative return on equity of 44.89% and a negative net margin of 82.18%. Coinbase Global’s revenue was down 74.7% compared to the same quarter last year. During the same period last year, the business earned $3.32 EPS. Equities research analysts expect that Coinbase Global, Inc. will post -4.1 EPS for the current fiscal year.

About Coinbase Global

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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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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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