Assenagon Asset Management S.A. Cuts Position in Coinbase Global, Inc. (NASDAQ:COIN)

Assenagon Asset Management S.A. lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 16.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,654 shares of the cryptocurrency exchange’s stock after selling 710 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Coinbase Global were worth $629,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after buying an additional 128,802 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after buying an additional 127,075 shares during the last quarter. Norges Bank purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $372,450,000. Finally, Northern Trust Corp grew its holdings in shares of Coinbase Global by 20.3% during the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock valued at $321,488,000 after buying an additional 218,400 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Activity

In other news, CFO Alesia J. Haas sold 1,741 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $247.50, for a total transaction of $430,897.50. Following the sale, the chief financial officer now directly owns 10,450 shares in the company, valued at $2,586,375. This trade represents a 14.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $104,226.90. The trade was a 95.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 228,538 shares of company stock worth $51,299,116 in the last three months. Company insiders own 17.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on COIN shares. Cantor Fitzgerald started coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price target on the stock. Compass Point upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target on the stock in a report on Monday, May 12th. William Blair began coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They set an “outperform” rating on the stock. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective on the stock in a research report on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research report on Friday, May 9th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $271.88.

Coinbase Global Stock Up 16.3%

COIN opened at $295.29 on Thursday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75. The company has a market capitalization of $74.97 billion, a PE ratio of 55.30, a PEG ratio of 18.50 and a beta of 3.61. The firm’s 50 day simple moving average is $227.26 and its two-hundred day simple moving average is $241.11.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm’s revenue was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.53 earnings per share. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.