Envestnet Asset Management Inc. cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 45.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,647 shares of the cryptocurrency exchange’s stock after selling 23,764 shares during the period. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $1,014,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC raised its holdings in Coinbase Global by 44.5% in the third quarter. Nuveen Asset Management LLC now owns 422,768 shares of the cryptocurrency exchange’s stock valued at $27,265,000 after acquiring an additional 130,178 shares in the last quarter. Empowered Funds LLC acquired a new stake in Coinbase Global in the third quarter valued at $200,000. Lindbrook Capital LLC raised its holdings in Coinbase Global by 2,842.8% in the fourth quarter. Lindbrook Capital LLC now owns 64,800 shares of the cryptocurrency exchange’s stock valued at $2,293,000 after acquiring an additional 62,598 shares in the last quarter. Toronto Dominion Bank raised its holdings in Coinbase Global by 2.8% in the third quarter. Toronto Dominion Bank now owns 32,944 shares of the cryptocurrency exchange’s stock valued at $2,124,000 after acquiring an additional 889 shares in the last quarter. Finally, Ethic Inc. acquired a new stake in Coinbase Global in the third quarter valued at $290,000. 46.41% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on COIN. Canaccord Genuity Group dropped their target price on shares of Coinbase Global from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, February 22nd. Berenberg Bank began coverage on shares of Coinbase Global in a report on Monday, May 15th. They set a “hold” rating and a $55.00 target price on the stock. Piper Sandler dropped their target price on shares of Coinbase Global from $70.00 to $65.00 in a report on Friday, May 5th. Barclays dropped their target price on shares of Coinbase Global from $74.00 to $61.00 in a report on Friday, May 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $90.00 target price on shares of Coinbase Global in a report on Monday, March 13th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $60.52.
Coinbase Global Stock Performance
Coinbase Global (NASDAQ:COIN – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) earnings per share for the quarter, missing the consensus estimate of ($2.39) by ($0.07). Coinbase Global had a negative net margin of 81.21% and a negative return on equity of 38.28%. The business had revenue of $629.10 million for the quarter, compared to the consensus estimate of $587.37 million. During the same quarter last year, the business posted $3.32 EPS. The business’s revenue for the quarter was down 74.7% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post -1.81 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Coinbase Global news, CEO Brian Armstrong sold 29,730 shares of the firm’s stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $55.49, for a total value of $1,649,717.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Paul Grewal sold 1,485 shares of the stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $77.00, for a total value of $114,345.00. Following the completion of the sale, the insider now directly owns 63,250 shares of the company’s stock, valued at $4,870,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 29,730 shares of the stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $55.49, for a total transaction of $1,649,717.70. The disclosure for this sale can be found here. Insiders sold a total of 178,163 shares of company stock worth $11,535,888 over the last ninety days. 36.10% of the stock is currently owned by company insiders.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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