Verdence Capital Advisors LLC Has $3.38 Million Holdings in Coinbase Global, Inc. $COIN

Verdence Capital Advisors LLC cut its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 57.2% during the second quarter, HoldingsChannel reports. The firm owned 9,647 shares of the cryptocurrency exchange’s stock after selling 12,878 shares during the period. Verdence Capital Advisors LLC’s holdings in Coinbase Global were worth $3,381,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. lifted its position in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global during the 1st quarter valued at about $30,000. S Bank Fund Management Ltd bought a new stake in Coinbase Global in the first quarter valued at about $31,000. SouthState Corp lifted its stake in Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 104 shares during the period. Finally, NBT Bank N A NY acquired a new stake in Coinbase Global during the first quarter valued at approximately $33,000. Institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on COIN shares. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. Needham & Company LLC upped their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Canaccord Genuity Group restated a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Coinbase Global in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $367.12.

Coinbase Global Stock Down 7.7%

Coinbase Global stock opened at $357.01 on Monday. 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 stock has a market capitalization of $91.73 billion, a PE ratio of 34.53 and a beta of 3.68. The company has a 50 day moving average of $325.06 and a 200-day moving average of $288.49. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

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

Insider Activity

In other news, CFO Alesia J. Haas sold 1,742 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.22, for a total transaction of $561,307.24. Following the completion of the transaction, the chief financial officer directly owned 5,226 shares in the company, valued at $1,683,921.72. This represents a 25.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the transaction, the insider owned 82,328 shares of the company’s stock, valued at $28,475,608.64. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 556,321 shares of company stock worth $208,110,150. 23.43% of the stock is currently owned by company insiders.

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.