13,574 Shares in Coinbase Global, Inc. (NASDAQ:COIN) Acquired by Wealthfront Advisers LLC

Posted by Defense World Staff on Jul 23rd, 2023

Wealthfront Advisers LLC bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 13,574 shares of the cryptocurrency exchange’s stock, valued at approximately $917,000.

A number of other hedge funds have also bought and sold shares of COIN. Brighton Jones LLC lifted its position in Coinbase Global by 12.5% during the 1st quarter. Brighton Jones LLC now owns 1,494 shares of the cryptocurrency exchange’s stock worth $284,000 after acquiring an additional 166 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Coinbase Global by 15.3% during the first quarter. International Assets Investment Management LLC now owns 1,352 shares of the cryptocurrency exchange’s stock worth $257,000 after purchasing an additional 179 shares during the period. Householder Group Estate & Retirement Specialist LLC boosted its position in Coinbase Global by 21.7% in the first quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,121 shares of the cryptocurrency exchange’s stock valued at $76,000 after buying an additional 200 shares during the last quarter. Synovus Financial Corp raised its position in Coinbase Global by 26.6% during the 1st quarter. Synovus Financial Corp now owns 1,103 shares of the cryptocurrency exchange’s stock worth $209,000 after buying an additional 232 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its stake in Coinbase Global by 6.9% during the 1st quarter. Equitable Holdings Inc. now owns 3,649 shares of the cryptocurrency exchange’s stock valued at $693,000 after acquiring an additional 235 shares during the period. Institutional investors and hedge funds own 45.21% of the company’s stock.

Coinbase Global Trading Down 0.4 %

Shares of COIN opened at $100.82 on Friday. Coinbase Global, Inc. has a 52-week low of $31.55 and a 52-week high of $116.30. The stock has a market cap of $23.65 billion, a PE ratio of -9.87 and a beta of 2.60. The firm’s fifty day moving average is $69.16 and its two-hundred day moving average is $63.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.60.

Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its quarterly earnings results on Thursday, May 4th. The cryptocurrency exchange reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($1.44) by $1.59. The firm had revenue of $772.53 million for the quarter, compared to analyst estimates of $652.76 million. Coinbase Global had a negative net margin of 81.21% and a negative return on equity of 38.28%. Research analysts forecast that Coinbase Global, Inc. will post -1.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on COIN. Citigroup cut shares of Coinbase Global from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $80.00 to $65.00 in a report on Monday, May 1st. Atlantic Securities downgraded Coinbase Global from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $70.00 to $80.00 in a research note on Wednesday, July 12th. Berenberg Bank initiated coverage on Coinbase Global in a research report on Monday, May 15th. They set a “hold” rating and a $55.00 price target for the company. Needham & Company LLC upped their price objective on Coinbase Global from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Finally, Barclays lowered shares of Coinbase Global from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $61.00 to $70.00 in a report on Thursday, July 13th. Seven investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $67.32.

Insider Activity

In related news, insider Paul Grewal sold 1,818 shares of Coinbase Global stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $77.04, for a total transaction of $140,058.72. Following the transaction, the insider now owns 68,782 shares in the company, valued at $5,298,965.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Lawrence J. Brock sold 14,207 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $57.83, for a total transaction of $821,590.81. Following the completion of the sale, the insider now owns 14,757 shares in the company, valued at approximately $853,397.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 1,818 shares of Coinbase Global stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $77.04, for a total transaction of $140,058.72. Following the sale, the insider now directly owns 68,782 shares in the company, valued at approximately $5,298,965.28. The disclosure for this sale can be found here. Insiders sold 434,381 shares of company stock worth $32,714,430 over the last ninety days. Corporate insiders own 33.16% of the company’s stock.

Coinbase Global Company Profile

(Free Report)

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.