Chelsea Counsel Co. Reduces Stock Position in Coinbase Global, Inc. $COIN

Chelsea Counsel Co. reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 70.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170 shares of the cryptocurrency exchange’s stock after selling 400 shares during the quarter. Chelsea Counsel Co.’s holdings in Coinbase Global were worth $60,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in COIN. Groupama Asset Managment grew its stake in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. grew its stake in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Nuveen LLC bought a new position in Coinbase Global during the 1st quarter worth $83,454,000. Amundi grew its stake in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after buying an additional 481,786 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Coinbase Global by 18,515.4% during the 1st quarter. GAMMA Investing LLC now owns 193,414 shares of the cryptocurrency exchange’s stock worth $33,312,000 after buying an additional 192,375 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

COIN has been the subject of a number of recent research reports. Citigroup upped their price objective on Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Jefferies Financial Group boosted their price target on Coinbase Global from $260.00 to $405.00 and gave the stock a “hold” rating in a research report on Tuesday, July 29th. Canaccord Genuity Group reiterated a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Finally, Oppenheimer reiterated an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $358.33.

Coinbase Global Trading Up 1.0%

Shares of Coinbase Global stock opened at $337.49 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a market cap of $86.71 billion, a price-to-earnings ratio of 32.64 and a beta of 3.68. The business has a fifty day simple moving average of $325.38 and a 200-day simple moving average of $277.73. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.14 earnings per share. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,756 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at $25,070,522.56. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock valued at $272,046,775 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.