Carnegie Investment Counsel Sells 21,921 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Carnegie Investment Counsel lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 56.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,674 shares of the cryptocurrency exchange’s stock after selling 21,921 shares during the quarter. Carnegie Investment Counsel’s holdings in Coinbase Global were worth $4,140,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Banco Santander S.A. grew its stake in Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares during the last quarter. Global Retirement Partners LLC grew its stake in Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after buying an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Coinbase Global during the third quarter worth about $29,756,000. Lindbrook Capital LLC grew its stake in Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Coinbase Global during the second quarter worth about $2,908,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 4.9 %

Shares of NASDAQ COIN opened at $295.48 on Friday. The company’s fifty day moving average is $291.21 and its 200-day moving average is $231.24. The stock has a market cap of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) earnings per share. Equities research analysts predict that Coinbase Global, Inc. will post 4.69 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 347,033 shares of company stock valued at $102,613,277 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on COIN. Monness Crespi & Hardt upped their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Finally, Bank of America upped their target price 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average target price of $282.83.

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.