Coinbase Global, Inc. (NASDAQ:COIN) Position Cut by CRA Financial Services LLC

CRA Financial Services LLC trimmed its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 23.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,539 shares of the cryptocurrency exchange’s stock after selling 475 shares during the quarter. CRA Financial Services LLC’s holdings in Coinbase Global were worth $408,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in COIN. PNC Financial Services Group Inc. increased its holdings in shares of Coinbase Global by 3.0% during the third quarter. PNC Financial Services Group Inc. now owns 5,030 shares of the cryptocurrency exchange’s stock valued at $378,000 after purchasing an additional 145 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Coinbase Global by 55.0% during the third quarter. Envestnet Asset Management Inc. now owns 47,667 shares of the cryptocurrency exchange’s stock valued at $3,579,000 after purchasing an additional 16,914 shares during the period. Northern Trust Corp increased its holdings in shares of Coinbase Global by 4.3% during the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after purchasing an additional 37,019 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Coinbase Global by 3.2% during the third quarter. Treasurer of the State of North Carolina now owns 75,160 shares of the cryptocurrency exchange’s stock valued at $5,643,000 after purchasing an additional 2,320 shares during the period. Finally, Bank of Nova Scotia acquired a new position in shares of Coinbase Global during the third quarter valued at $450,000. 68.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Mizuho raised their price target on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. Singular Research reaffirmed a “buy” rating on shares of Coinbase Global in a report on Wednesday, May 8th. Wedbush lifted their target price on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Finally, Oppenheimer lifted their target price on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $215.50.

Coinbase Global Stock Performance

Shares of COIN stock traded down $1.77 during trading on Friday, reaching $222.23. The company had a trading volume of 10,944,920 shares, compared to its average volume of 8,048,456. The firm’s 50 day simple moving average is $227.70 and its two-hundred day simple moving average is $201.84. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. Coinbase Global, Inc. has a one year low of $68.15 and a one year high of $283.48. The company has a market capitalization of $54.57 billion, a PE ratio of 44.36 and a beta of 3.44.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Sell-side analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of Coinbase Global stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $243.30, for a total value of $3,985,254.00. Following the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $1,134,264.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the sale, the chief operating officer now directly owns 204,436 shares in the company, valued at $40,049,012.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $243.30, for a total value of $3,985,254.00. Following the sale, the director now owns 4,662 shares in the company, valued at $1,134,264.60. The disclosure for this sale can be found here. Insiders have sold a total of 360,021 shares of company stock valued at $80,655,822 in the last three months. Company insiders own 23.43% of the company’s stock.

Coinbase Global 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.