Rhumbline Advisers trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN – Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 168,727 shares of the cryptocurrency exchange’s stock after selling 3,117 shares during the quarter. Rhumbline Advisers owned about 0.07% of Coinbase Global worth $11,401,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fairfield Bush & CO. grew its position in Coinbase Global by 18.4% in the first quarter. Fairfield Bush & CO. now owns 1,770 shares of the cryptocurrency exchange’s stock valued at $336,000 after acquiring an additional 275 shares during the last quarter. United Bank acquired a new stake in Coinbase Global in the first quarter valued at approximately $286,000. Bank of New York Mellon Corp boosted its position in Coinbase Global by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 70,553 shares of the cryptocurrency exchange’s stock valued at $13,394,000 after buying an additional 1,844 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Coinbase Global by 269.2% during the first quarter. American Century Companies Inc. now owns 7,147 shares of the cryptocurrency exchange’s stock worth $1,357,000 after buying an additional 5,211 shares during the last quarter. Finally, Synovus Financial Corp increased its holdings in shares of Coinbase Global by 26.6% during the first quarter. Synovus Financial Corp now owns 1,103 shares of the cryptocurrency exchange’s stock worth $209,000 after buying an additional 232 shares in the last quarter. 45.96% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Coinbase Global
In related news, CEO Brian Armstrong sold 29,730 shares of the stock in a transaction on Monday, June 5th. The shares were sold at an average price of $59.90, for a total value of $1,780,827.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Jennifer N. Jones sold 74,375 shares of the company’s stock in a transaction on 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 $2,432,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 29,730 shares of the stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $59.90, for a total value of $1,780,827.00. The disclosure for this sale can be found here. Insiders have sold a total of 335,788 shares of company stock valued at $27,245,880 over the last 90 days. 33.16% of the stock is owned by corporate insiders.
Coinbase Global Trading Down 2.0 %
Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its earnings results on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) earnings per share (EPS) for the quarter, topping 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 company had revenue of $707.91 million during the quarter, compared to analysts’ expectations of $627.60 million. During the same quarter last year, the firm earned ($4.95) earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post -1.45 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. Barclays restated an “underweight” rating and set a $70.00 price objective on shares of Coinbase Global in a research report on Friday, August 4th. JPMorgan Chase & Co. raised their target price on Coinbase Global from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. Berenberg Bank assumed 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. Mizuho reaffirmed an “underperform” rating and set a $27.00 price objective on shares of Coinbase Global in a report on Wednesday, August 23rd. Finally, Canaccord Genuity Group lifted their price target on Coinbase Global from $70.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Seven equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued 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 $77.38.
View Our Latest Stock Report on Coinbase Global
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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