Transcend Capital Advisors LLC Sells 2,491 Shares of Coinbase Global, Inc. $COIN

Transcend Capital Advisors LLC decreased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 51.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 2,392 shares of the cryptocurrency exchange’s stock after selling 2,491 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Coinbase Global were worth $838,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in COIN. Groupama Asset Managment increased its holdings in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Nuveen LLC bought a new position in shares of Coinbase Global in the 1st quarter worth $83,454,000. Amundi grew its holdings in shares of Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock valued at $66,572,000 after purchasing an additional 191,300 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $190,054.32. This trade represents a 97.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 4,400 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 84,820 shares of the company’s stock, 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 205,657 shares of company stock valued at $67,479,576 in the last quarter. Insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $355.22 on Wednesday. The firm has a market cap of $91.27 billion, a PE ratio of 34.35 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $331.51 and its two-hundred day simple moving average is $303.03.

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

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a report on Tuesday, July 29th. Piper Sandler reaffirmed a “neutral” rating and set a $350.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. JPMorgan Chase & Co. raised shares of Coinbase Global from a “neutral” rating to an “overweight” rating and increased their target price for the company from $342.00 to $404.00 in a report on Friday, October 24th. Finally, Erste Group Bank assumed coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $387.50.

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.