IFP Advisors Inc Trims Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

IFP Advisors Inc lessened its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 18.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,773 shares of the cryptocurrency exchange’s stock after selling 1,307 shares during the period. IFP Advisors Inc’s holdings in Coinbase Global were worth $995,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of COIN. Norges Bank bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $536,484,000. Groupama Asset Managment bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $372,450,000. Two Sigma Advisers LP boosted its position in shares of Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after purchasing an additional 302,595 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Coinbase Global by 614.8% in the 4th quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange’s stock valued at $85,253,000 after acquiring an additional 295,313 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on COIN shares. JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Compass Point upgraded Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 target price on the stock in a research report on Monday, May 12th. Needham & Company LLC lowered their target price on Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. The Goldman Sachs Group raised their price target on Coinbase Global from $239.00 to $268.00 and gave the company a “neutral” rating in a report on Monday, July 7th. Finally, Citigroup reissued an “outperform” rating on shares of Coinbase Global in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.06.

Coinbase Global Stock Performance

Coinbase Global stock opened at $397.81 on Thursday. The firm has a 50 day simple moving average of $312.06 and a 200-day simple moving average of $254.32. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.65. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a market cap of $101.00 billion, a price-to-earnings ratio of 74.50, a price-to-earnings-growth ratio of 30.83 and a beta of 3.70.

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

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 198,300 shares of the firm’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock worth $439,997,456 in the last ninety days. 17.65% of the stock is owned by corporate insiders.

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.