Bridgewater Advisors Inc. Sells 2,827 Shares of Coinbase Global, Inc. $COIN

Bridgewater Advisors Inc. decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 46.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,269 shares of the cryptocurrency exchange’s stock after selling 2,827 shares during the period. Bridgewater Advisors Inc.’s holdings in Coinbase Global were worth $1,214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in Coinbase Global in the 2nd quarter worth about $30,000. City State Bank bought a new stake in shares of Coinbase Global during the second quarter valued at approximately $33,000. North Star Investment Management Corp. bought a new stake in shares of Coinbase Global during the second quarter valued at approximately $55,000. McClarren Financial Advisors Inc. bought a new stake in shares of Coinbase Global during the first quarter valued at approximately $30,000. Finally, S Bank Fund Management Ltd bought a new stake in shares of Coinbase Global during the first quarter valued at approximately $31,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on COIN shares. China Renaissance decreased their price target on shares of Coinbase Global from $481.00 to $444.60 and set a “buy” rating for the company in a research note on Tuesday, October 28th. HC Wainwright raised shares of Coinbase Global from a “sell” rating to a “buy” rating and lifted their price target for the company from $300.00 to $425.00 in a research note on Thursday. Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. JMP Securities lifted their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Finally, Bank of America cut their price objective on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $398.91.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 4,400 shares of Coinbase Global stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $344.41, for a total transaction of $1,515,404.00. Following the completion of the sale, the chief financial officer directly owned 84,820 shares in the company, valued at approximately $29,212,856.20. The trade was a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 180,657 shares of company stock worth $59,552,326. Company insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

NASDAQ COIN opened at $343.78 on Monday. The firm’s fifty day simple moving average is $333.43 and its two-hundred day simple moving average is $307.43. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The firm has a market capitalization of $88.33 billion, a P/E ratio of 29.74 and a beta of 3.67.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company earned $0.28 earnings per share. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

About Coinbase Global

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.