Axxcess Wealth Management LLC Trims Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Axxcess Wealth Management LLC cut its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 45.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,935 shares of the cryptocurrency exchange’s stock after selling 3,242 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Coinbase Global were worth $1,043,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of COIN. Barrett & Company Inc. purchased a new stake in Coinbase Global in the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC acquired a new stake in shares of Coinbase Global during the fourth quarter worth $27,000. Concord Wealth Partners grew its position in shares of Coinbase Global by 322.2% in the first 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. increased its stake in Coinbase Global by 833.3% in the first 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 last quarter. Finally, Mather Group LLC. purchased a new position in Coinbase Global during the first quarter worth about $32,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on COIN shares. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $260.00 to $345.00 in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research report on Friday, July 19th. Oppenheimer lifted their price target on shares of Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Piper Sandler boosted their price objective on shares of Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Finally, Sanford C. Bernstein increased their target price on Coinbase Global from $80.00 to $200.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $237.50.

Coinbase Global Stock Up 4.9 %

Shares of COIN traded up $11.41 during mid-day trading on Friday, reaching $242.93. 7,889,993 shares of the stock traded hands, compared to its average volume of 11,376,034. The stock has a fifty day simple moving average of $234.59 and a 200 day simple moving average of $210.88. Coinbase Global, Inc. has a 12-month low of $69.63 and a 12-month high of $283.48. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The firm has a market cap of $59.66 billion, a price-to-earnings ratio of 47.75 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.26 billion. Sell-side analysts expect that Coinbase Global, Inc. will post 4.95 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Tuesday, May 14th. The shares were 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 of the company’s stock, valued at $40,049,012.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the sale, the chief operating officer now owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $224.13, for a total transaction of $5,171,799.75. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $117,892.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 271,676 shares of company stock worth $58,878,978. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Company 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.