Coinbase Global, Inc. $COIN Shares Sold by Bayforest Capital Ltd

Bayforest Capital Ltd trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN) by 92.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 137 shares of the cryptocurrency exchange’s stock after selling 1,764 shares during the period. Bayforest Capital Ltd’s holdings in Coinbase Global were worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after purchasing an additional 9,952 shares during the last quarter. Amalgamated Bank boosted its holdings in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after purchasing an additional 629 shares during the last quarter. Kera Capital Partners Inc. boosted its holdings in Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after purchasing an additional 1,085 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Coinbase Global by 102.6% in the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after purchasing an additional 5,402 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after purchasing an additional 84 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COIN has been the topic of several recent research reports. Erste Group Bank initiated coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a “buy” rating on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Rothschild & Co Redburn raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $325.00 to $417.00 in a research note on Friday, October 3rd. Redburn Partners set a $417.00 target price on shares of Coinbase Global in a research note on Friday, October 3rd. Finally, JMP Securities increased their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $367.94.

Coinbase Global Trading Up 1.7%

Shares of Coinbase Global stock opened at $336.02 on Friday. The firm has a market capitalization of $86.34 billion, a PE ratio of 32.50 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The firm’s 50-day moving average price is $328.26 and its 200 day moving average price is $292.66. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 earnings per share. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares of the company’s stock, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $186,977.22. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,657 shares of company stock valued at $67,479,576. 17.65% of the stock is owned by corporate insiders.

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.