Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Westpac Banking Corp

Posted by Defense World Staff on Aug 3rd, 2023

Westpac Banking Corp trimmed its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN – Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,946 shares of the cryptocurrency exchange’s stock after selling 271 shares during the period. Westpac Banking Corp’s holdings in Coinbase Global were worth $537,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in shares of 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 purchasing an additional 166 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Coinbase Global by 15.3% during the 1st 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 in the last quarter. Householder Group Estate & Retirement Specialist LLC increased its stake in shares of Coinbase Global by 21.7% during the 1st quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,121 shares of the cryptocurrency exchange’s stock worth $76,000 after purchasing an additional 200 shares in the last quarter. Signaturefd LLC increased its stake in shares of Coinbase Global by 12.1% during the 1st quarter. Signaturefd LLC now owns 1,986 shares of the cryptocurrency exchange’s stock worth $134,000 after purchasing an additional 214 shares in the last quarter. Finally, Synovus Financial Corp increased its stake in shares of 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 purchasing an additional 232 shares in the last quarter. 45.21% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

Shares of COIN stock opened at $90.43 on Thursday. Coinbase Global, Inc. has a 12 month low of $31.55 and a 12 month high of $116.30. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $21.21 billion, a P/E ratio of -8.86 and a beta of 2.71. The company’s fifty day moving average price is $75.00 and its two-hundred day moving average price is $66.38.

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

Insiders Place Their Bets

In other news, CAO Jennifer N. Jones sold 1,704 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $65.00, for a total value of $110,760.00. Following the sale, the chief accounting officer now owns 34,752 shares in the company, valued at approximately $2,258,880. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Paul Grewal sold 3,573 shares of the company’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $110.07, for a total value of $393,280.11. Following the sale, the insider now owns 56,860 shares in the company, valued at approximately $6,258,580.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jennifer N. Jones sold 1,704 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the sale, the chief accounting officer now directly owns 34,752 shares of the company’s stock, valued at approximately $2,258,880. The disclosure for this sale can be found here. Insiders have sold 404,651 shares of company stock worth $31,064,713 in the last quarter. 33.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Berenberg Bank assumed coverage on shares of Coinbase Global in a research note on Monday, May 15th. They set a “hold” rating and a $55.00 price objective for the company. Canaccord Genuity Group lifted their target price on shares of Coinbase Global from $70.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC lifted their target price on shares of Coinbase Global from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, July 14th. Atlantic Securities cut shares of Coinbase Global from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $70.00 to $80.00 in a research note on Wednesday, July 12th. Finally, Daiwa Capital Markets raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $58.00 to $65.00 in a research note on Monday, May 8th. Seven analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $73.62.

Check Out Our Latest Stock Report on Coinbase Global

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.