Robertson Stephens Wealth Management LLC Sells 6,980 Shares of Coinbase Global, Inc. $COIN

Robertson Stephens Wealth Management LLC lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 76.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,131 shares of the cryptocurrency exchange’s stock after selling 6,980 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Coinbase Global were worth $747,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Cadent Capital Advisors LLC lifted its position in Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after acquiring an additional 30 shares in the last quarter. Ameriflex Group Inc. lifted its position in Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock valued at $68,000 after acquiring an additional 30 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in Coinbase Global by 13.7% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock valued at $113,000 after acquiring an additional 39 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in Coinbase Global by 4.2% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange’s stock valued at $356,000 after acquiring an additional 41 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its position in Coinbase Global by 1.6% in the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange’s stock valued at $933,000 after acquiring an additional 41 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Insider Buying and Selling

In related news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 721,764 shares of company stock valued at $273,595,798 over the last quarter. 17.65% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Piper Sandler reiterated a “neutral” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Benchmark lifted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Rosenblatt Securities reissued a “buy” rating and set a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Coinbase Global in a research report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $367.12.

Coinbase Global Trading Down 7.7%

Shares of COIN stock opened at $357.01 on Friday. The company has a 50 day moving average of $325.06 and a 200-day moving average of $287.80. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The firm has a market cap of $91.73 billion, a P/E ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the business earned $0.14 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company 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.