Activest Wealth Management Lowers Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Activest Wealth Management lowered its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 17.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,111 shares of the cryptocurrency exchange’s stock after selling 680 shares during the period. Activest Wealth Management’s holdings in Coinbase Global were worth $554,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of COIN. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after purchasing an additional 71,398 shares during the period. Cowen AND Company LLC raised its stake in Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares during the period. Renaissance Technologies LLC raised its stake in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after acquiring an additional 691,288 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Coinbase Global by 1,186.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after buying an additional 486,512 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after purchasing an additional 435,886 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. The trade was a 3.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,091 shares of company stock worth $50,033,426. 23.43% of the stock is owned by company insiders.

Coinbase Global Price Performance

Shares of COIN stock traded down $7.07 on Thursday, hitting $312.94. 5,368,007 shares of the company’s stock were exchanged, compared to its average volume of 11,079,631. The stock has a market cap of $78.34 billion, a P/E ratio of 54.61 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average of $208.71 and a 200 day moving average of $214.04. Coinbase Global, Inc. has a 12 month low of $103.36 and a 12 month high of $341.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) EPS. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on COIN. Needham & Company LLC raised their target price on Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a research report on Monday. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Monness Crespi & Hardt assumed coverage on Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 target price on the stock. Barclays raised their target price on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Finally, Piper Sandler reiterated a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $251.00.

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.