Summit Trail Advisors LLC Sells 8,168 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Summit Trail Advisors LLC decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 12.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,351 shares of the cryptocurrency exchange’s stock after selling 8,168 shares during the period. Coinbase Global makes up 0.5% of Summit Trail Advisors LLC’s holdings, making the stock its 25th biggest position. Summit Trail Advisors LLC’s holdings in Coinbase Global were worth $14,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Clear Street Derivatives LLC bought a new position in Coinbase Global during the third quarter worth about $409,919,000. Geode Capital Management LLC grew its position in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares in the last quarter. Azora Capital LP increased its holdings in shares of Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares during the period. Holocene Advisors LP acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global in the third quarter valued at approximately $29,756,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on COIN. Needham & Company LLC lowered their price objective on Coinbase Global from $420.00 to $330.00 and set a “buy” rating on the stock in a research note on Friday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Bank of America upped their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler raised their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Monness Crespi & Hardt upped their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $284.06.

Coinbase Global Price Performance

Shares of COIN opened at $280.22 on Tuesday. The business has a 50-day simple moving average of $284.78 and a two-hundred day simple moving average of $237.03. Coinbase Global, Inc. has a 12-month low of $137.13 and a 12-month high of $349.75. The stock has a market cap of $70.15 billion, a PE ratio of 47.82 and a beta of 3.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Insider Activity

In related news, insider Paul Grewal sold 7,104 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $307.80, for a total value of $2,186,611.20. Following the completion of the sale, the insider now directly owns 79,407 shares in the company, valued at $24,441,474.60. This represents a 8.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 5,700 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the transaction, the chief financial officer now directly owns 144,470 shares of the company’s stock, valued at approximately $38,554,708.90. This represents a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 361,798 shares of company stock valued at $107,826,444 over the last quarter. 23.43% of the stock is owned by company 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.