Jacobi Capital Management LLC Lowers Position in Coinbase Global, Inc. (NASDAQ:COIN)

Jacobi Capital Management LLC lessened its position in Coinbase Global, Inc. (NASDAQ:COIN) by 54.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,755 shares of the cryptocurrency exchange’s stock after selling 2,120 shares during the quarter. Jacobi Capital Management LLC’s holdings in Coinbase Global were worth $465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in COIN. Barrett & Company Inc. purchased a new position in shares of Coinbase Global in the 4th quarter valued at approximately $26,000. Creekmur Asset Management LLC purchased a new position in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. Concord Wealth Partners lifted its stake in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new position in shares of Coinbase Global in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on COIN. Barclays reduced their target price on Coinbase Global from $204.00 to $196.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Friday, May 3rd. Canaccord Genuity Group lifted their target price on Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. HC Wainwright reissued a “buy” rating and issued a $315.00 target price on shares of Coinbase Global in a report on Tuesday, June 18th. Finally, Piper Sandler lifted their target price on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $237.50.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at $14,644,039.34. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the sale, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at approximately $51,071,061.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at $14,644,039.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 281,676 shares of company stock valued at $61,093,678. Insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Coinbase Global stock traded up $2.56 during midday trading on Tuesday, reaching $267.71. 4,246,538 shares of the stock traded hands, compared to its average volume of 11,408,788. The stock’s fifty day moving average is $232.35 and its 200-day moving average is $209.76. Coinbase Global, Inc. has a 12 month low of $69.63 and a 12 month high of $283.48. The stock has a market cap of $65.74 billion, a P/E ratio of 54.07 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS 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 company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 5 EPS for the current 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.