Ritholtz Wealth Management Decreases Stock Position in Coinbase Global, Inc. $COIN

Ritholtz Wealth Management lowered its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 54.3% during the 2nd quarter, Holdings Channel reports. The firm owned 701 shares of the cryptocurrency exchange’s stock after selling 832 shares during the quarter. Ritholtz Wealth Management’s holdings in Coinbase Global were worth $246,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its stake in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment lifted its stake in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Amundi lifted its stake in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after purchasing an additional 481,786 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Coinbase Global by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after purchasing an additional 7,675 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $338.62 on Wednesday. The company has a market capitalization of $87.01 billion, a price-to-earnings ratio of 32.75 and a beta of 3.68. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The firm’s 50-day moving average is $329.07 and its 200 day moving average is $295.86. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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 for 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 business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 earnings per share. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on COIN. Piper Sandler restated a “neutral” rating and issued a $350.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. Oppenheimer restated an “outperform” rating and issued a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Redburn Partners set a $417.00 target price on shares of Coinbase Global in a report on Friday, October 3rd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $369.01.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares in the company, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,657 shares of company stock worth $67,479,576 in the last three months. Corporate 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.