DAVENPORT & Co LLC Sells 142 Shares of Coinbase Global, Inc. $COIN

DAVENPORT & Co LLC decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 4.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,941 shares of the cryptocurrency exchange’s stock after selling 142 shares during the quarter. DAVENPORT & Co LLC’s holdings in Coinbase Global were worth $1,031,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of COIN. Bessemer Group Inc. boosted its position in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. bought a new stake in Coinbase Global during the first quarter valued at $30,000. S Bank Fund Management Ltd bought a new stake in Coinbase Global during the first quarter valued at $31,000. SouthState Corp boosted its position in Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after acquiring an additional 104 shares during the last quarter. Finally, NBT Bank N A NY bought a new stake in Coinbase Global during the first quarter valued at $33,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Down 7.7%

NASDAQ:COIN opened at $357.01 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm has a market cap of $91.73 billion, a price-to-earnings ratio of 34.53 and a beta of 3.68. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The firm has a 50-day moving average price of $325.06 and a two-hundred day moving average price of $287.15.

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. On average, equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 4,675 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares in the company, valued at $28,750,252.80. This trade represents a 4.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the sale, the insider owned 478 shares of the company’s stock, valued at approximately $148,834.86. The trade was a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 721,764 shares of company stock worth $273,595,798 over the last 90 days. Corporate insiders own 17.65% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on COIN. Compass Point reaffirmed a “sell” rating and set a $248.00 price target (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Mizuho set a $300.00 price target on shares of Coinbase Global in a research report on Thursday, September 18th. Citigroup upped their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Oppenheimer reaffirmed an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Benchmark increased their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $367.12.

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.