Brighton Jones LLC Reduces Position in Coinbase Global, Inc. $COIN

Brighton Jones LLC cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 6.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 6,420 shares of the cryptocurrency exchange’s stock after selling 407 shares during the quarter. Brighton Jones LLC’s holdings in Coinbase Global were worth $2,250,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Coinbase Global by 4.8% during 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 buying an additional 875,359 shares during the period. ARK Investment Management LLC increased its position in shares of Coinbase Global by 1.1% during 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 buying an additional 34,462 shares during the period. Groupama Asset Managment increased its position in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after buying an additional 1,500,000 shares during the period. Amundi increased its position in shares of Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after buying an additional 481,786 shares during the period. Finally, Northern Trust Corp increased its position in shares of Coinbase Global by 0.6% during the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock valued at $224,318,000 after buying an additional 7,675 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on COIN. Oppenheimer reiterated an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Piper Sandler reiterated a “neutral” rating and set a $350.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Citigroup upped their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Rosenblatt Securities restated a “buy” rating and issued a $470.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Finally, UBS Group set a $404.00 price objective on shares of Coinbase Global in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $384.12.

Coinbase Global Stock Up 9.8%

COIN stock opened at $354.46 on Monday. The stock has a market cap of $91.07 billion, a price-to-earnings ratio of 34.28 and a beta of 3.68. The company’s 50 day moving average is $329.63 and its 200 day moving average is $300.44. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its 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). The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was 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 owned 526 shares of the company’s stock, valued at $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock valued at $67,479,576 over the last quarter. 23.43% of the stock is owned by corporate insiders.

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.