Envestnet Asset Management Inc. Sells 714 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Envestnet Asset Management Inc. decreased its stake in Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,411 shares of the cryptocurrency exchange’s stock after selling 714 shares during the period. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $3,380,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in COIN. Renaissance Technologies LLC increased its stake in shares of Coinbase Global by 304.3% in the second quarter. Renaissance Technologies LLC now owns 4,253,200 shares of the cryptocurrency exchange’s stock worth $199,985,000 after purchasing an additional 3,201,200 shares in the last quarter. Paradigm Operations LP increased its stake in shares of Coinbase Global by 45.6% in the second quarter. Paradigm Operations LP now owns 3,705,596 shares of the cryptocurrency exchange’s stock worth $174,237,000 after purchasing an additional 1,160,841 shares in the last quarter. Northern Trust Corp increased its stake in shares of Coinbase Global by 320.1% in the second quarter. Northern Trust Corp now owns 563,011 shares of the cryptocurrency exchange’s stock worth $26,472,000 after purchasing an additional 428,994 shares in the last quarter. California Public Employees Retirement System purchased a new position in shares of Coinbase Global in the third quarter worth about $20,575,000. Finally, Legal & General Group Plc grew its stake in Coinbase Global by 211.5% during the second quarter. Legal & General Group Plc now owns 450,806 shares of the cryptocurrency exchange’s stock valued at $21,197,000 after acquiring an additional 306,078 shares in the last quarter. Institutional investors own 46.41% of the company’s stock.

Coinbase Global Stock Down 2.7 %

NASDAQ:COIN opened at $62.77 on Tuesday. Coinbase Global, Inc. has a twelve month low of $31.55 and a twelve month high of $206.79. The company has a market cap of $14.53 billion, a price-to-earnings ratio of -5.30 and a beta of 2.63. The stock has a fifty day simple moving average of $54.80 and a 200-day simple moving average of $57.39. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Coinbase Global (NASDAQ:COIN – Get Rating) last released its quarterly earnings data on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) earnings per share for the quarter, missing the consensus estimate of ($2.39) by ($0.07). The firm had revenue of $629.10 million during the quarter, compared to the consensus estimate of $587.37 million. Coinbase Global had a negative net margin of 82.18% and a negative return on equity of 44.89%. The business’s revenue was down 74.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.32 earnings per share. Analysts anticipate that Coinbase Global, Inc. will post -4.07 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 94,000 shares of Coinbase Global stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $33.83, for a total value of $3,180,020.00. Following the completion of the sale, the chief financial officer now directly owns 193,568 shares in the company, valued at $6,548,405.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Coinbase Global news, Director Tobias Lutke purchased 4,960 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were acquired at an average price of $72.95 per share, for a total transaction of $361,832.00. Following the completion of the purchase, the director now owns 208,830 shares of the company’s stock, valued at $15,234,148.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 94,000 shares of the business’s stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $33.83, for a total value of $3,180,020.00. Following the sale, the chief financial officer now owns 193,568 shares in the company, valued at approximately $6,548,405.44. The disclosure for this sale can be found here. Over the last three months, insiders bought 76,211 shares of company stock worth $3,352,914 and sold 430,857 shares worth $18,614,347. 36.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on COIN shares. Compass Point raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Friday, February 17th. Atlantic Securities reduced their price objective on shares of Coinbase Global from $67.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, December 5th. JPMorgan Chase & Co. lifted their target price on shares of Coinbase Global from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, February 22nd. Jefferies Financial Group lifted their target price on shares of Coinbase Global from $35.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 22nd. Finally, Barclays lifted their target price on shares of Coinbase Global from $57.00 to $63.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 22nd. Five analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned 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 $69.54.

About Coinbase Global

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.