Hennessy Advisors Inc. Reduces Position in Coinbase Global, Inc. (NASDAQ:COIN)

Hennessy Advisors Inc. lowered its position in Coinbase Global, Inc. (NASDAQ:COIN) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,500 shares of the cryptocurrency exchange’s stock after selling 500 shares during the quarter. Hennessy Advisors Inc.’s holdings in Coinbase Global were worth $1,222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of COIN. Geneos Wealth Management Inc. raised its position in Coinbase Global by 833.3% in the 1st 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. Concord Wealth Partners boosted its stake in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the period. Mather Group LLC. purchased a new position in shares of Coinbase Global during the first quarter worth about $32,000. Lynx Investment Advisory acquired a new position in Coinbase Global in the 2nd quarter valued at about $29,000. Finally, Versant Capital Management Inc raised its stake in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick R. Wilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $241.28, for a total value of $3,619,200.00. Following the completion of the transaction, the director now directly owns 180,539 shares of the company’s stock, valued at $43,560,449.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coinbase Global news, Director Frederick R. Wilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $241.28, for a total transaction of $3,619,200.00. Following the sale, the director now directly owns 180,539 shares of the company’s stock, valued at approximately $43,560,449.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $246.16, for a total transaction of $369,240.00. Following the completion of the transaction, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at approximately $51,071,061.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,049 shares of company stock worth $25,542,778. 23.43% of the stock is owned by insiders.

Coinbase Global Price Performance

Coinbase Global stock opened at $211.40 on Friday. 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’s 50-day simple moving average is $221.34 and its 200 day simple moving average is $220.85. Coinbase Global, Inc. has a 52 week low of $69.63 and a 52 week high of $283.48. The firm has a market capitalization of $51.91 billion, a PE ratio of 42.20 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the company earned ($0.42) earnings per share. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on COIN shares. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Barclays upped their price objective on shares of Coinbase Global from $196.00 to $206.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Friday, May 3rd. Finally, Bank of America reduced their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $248.38.

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.