Rathbones Group PLC Cuts Stake in Coinbase Global, Inc. $COIN

Rathbones Group PLC lowered its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 20.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,557 shares of the cryptocurrency exchange’s stock after selling 1,430 shares during the quarter. Rathbones Group PLC’s holdings in Coinbase Global were worth $1,948,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in COIN. Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after acquiring an additional 9,952 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Coinbase Global by 672.2% in the second quarter. Bessemer Group Inc. now owns 1,166 shares of the cryptocurrency exchange’s stock worth $408,000 after purchasing an additional 1,015 shares during the last quarter. SP Asset Management LLC purchased a new stake in Coinbase Global in the second quarter valued at approximately $360,000. Kera Capital Partners Inc. lifted its position in Coinbase Global by 3.0% during the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after purchasing an additional 1,085 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock worth $3,738,000 after buying an additional 5,402 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 2.8%

Shares of NASDAQ:COIN opened at $317.93 on Tuesday. The stock’s 50-day moving average price is $334.20 and its 200-day moving average price is $312.82. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market capitalization of $81.69 billion, a P/E ratio of 27.50 and a beta of 3.67. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Piper Sandler restated a “neutral” rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. China Renaissance raised their price target on Coinbase Global from $444.60 to $479.30 in a research report on Monday, November 3rd. Cantor Fitzgerald dropped their price target on Coinbase Global from $500.00 to $459.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. B. Riley upped their price objective on Coinbase Global from $185.00 to $243.00 and gave the stock a “neutral” rating in a report on Monday, November 3rd. Finally, The Goldman Sachs Group decreased their price objective on Coinbase Global from $385.00 to $368.00 in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $399.94.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the completion of the sale, the insider owned 82,328 shares of the company’s stock, valued at $28,475,608.64. This represents a 10.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $301.46, for a total transaction of $3,014,600.00. Following the completion of the transaction, the director owned 204,973 shares in the company, valued at $61,791,160.58. The trade was a 4.65% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 487,658 shares of company stock valued at $154,461,520. Insiders own 17.65% of the company’s stock.

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.