Coinbase Global, Inc. $COIN Position Cut by AlphaQuest LLC

AlphaQuest LLC lessened its position in Coinbase Global, Inc. (NASDAQ:COIN) by 54.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 295 shares of the cryptocurrency exchange’s stock after selling 348 shares during the period. AlphaQuest LLC’s holdings in Coinbase Global were worth $103,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. ARK Investment Management LLC lifted its stake in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after acquiring an additional 34,462 shares during the last quarter. Groupama Asset Managment lifted its stake in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Amundi lifted its stake in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Coinbase Global by 0.6% in the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock valued at $224,318,000 after acquiring an additional 7,675 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

NASDAQ:COIN opened at $307.32 on Wednesday. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company has a market cap of $78.96 billion, a P/E ratio of 26.58 and a beta of 3.67. The firm’s fifty day moving average price is $333.90 and its two-hundred day moving average price is $309.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. Coinbase Global’s revenue was up 55.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. Equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. B. Riley boosted their price objective on Coinbase Global from $185.00 to $243.00 and gave the company a “neutral” rating in a research report on Monday. Needham & Company LLC restated a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, October 31st. Erste Group Bank initiated coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a “buy” rating for the company. JMP Securities increased their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Finally, Rosenblatt Securities dropped their price objective on shares of Coinbase Global from $470.00 to $450.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $393.98.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at $190,054.32. This trade represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 4,400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total transaction of $1,515,404.00. Following the sale, the chief financial officer owned 84,820 shares in the company, valued at approximately $29,212,856.20. This represents a 4.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 180,657 shares of company stock valued at $59,552,326 in the last 90 days. 23.43% 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.