Robeco Institutional Asset Management B.V. lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 89.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,527 shares of the cryptocurrency exchange’s stock after selling 377,024 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Coinbase Global were worth $2,874,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the business. Ancora Advisors LLC increased its holdings in Coinbase Global by 144.0% in the 4th quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 435 shares in the last quarter. Sugarloaf Wealth Management LLC increased its holdings in Coinbase Global by 54.2% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 819 shares of the cryptocurrency exchange’s stock worth $29,000 after acquiring an additional 288 shares in the last quarter. Bessemer Group Inc. increased its holdings in Coinbase Global by 100.0% in the 4th quarter. Bessemer Group Inc. now owns 1,000 shares of the cryptocurrency exchange’s stock worth $36,000 after acquiring an additional 500 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in Coinbase Global in the 4th quarter worth approximately $36,000. Finally, Hollencrest Capital Management purchased a new stake in Coinbase Global in the 4th quarter worth approximately $42,000. Institutional investors own 45.21% of the company’s stock.
Insider Transactions at Coinbase Global
In other news, CEO Brian Armstrong sold 59,460 shares of Coinbase Global stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $105.69, for a total transaction of $6,284,327.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Brian Armstrong sold 59,460 shares of the firm’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $105.69, for a total transaction of $6,284,327.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gokul Rajaram sold 1,145 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.00, for a total value of $74,425.00. Following the transaction, the director now owns 24,298 shares in the company, valued at approximately $1,579,370. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 404,651 shares of company stock worth $31,064,713. 33.16% of the stock is currently owned by insiders.
Coinbase Global Stock Down 3.8 %
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, topping the consensus estimate of ($0.78) by $0.36. Coinbase Global had a negative return on equity of 38.28% and a negative net margin of 81.21%. The business had revenue of $707.91 million during the quarter, compared to the consensus estimate of $627.60 million. During the same period last year, the company earned ($4.95) earnings per share. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. Analysts anticipate that Coinbase Global, Inc. will post -1.99 EPS for the current year.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. JMP Securities increased their target price on shares of Coinbase Global from $90.00 to $107.00 and gave the stock an “outperform” rating in a report on Friday. Berenberg Bank began coverage on shares of Coinbase Global in a report on Monday, May 15th. They set a “hold” rating and a $55.00 price objective for the company. Canaccord Genuity Group increased their price objective on shares of Coinbase Global from $70.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America increased their price objective on shares of Coinbase Global from $49.00 to $58.00 and gave the company an “underperform” rating in a report on Tuesday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of Coinbase Global from $40.00 to $43.00 in a report on Friday, May 5th. Seven research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $77.38.
About Coinbase Global
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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