Mitsubishi UFJ Trust & Banking Corp Cuts Stock Position in Coinbase Global, Inc. $COIN

Mitsubishi UFJ Trust & Banking Corp cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 3.6% in the second quarter, HoldingsChannel.com reports. The fund owned 86,249 shares of the cryptocurrency exchange’s stock after selling 3,263 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Coinbase Global were worth $30,229,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Cadent Capital Advisors LLC increased its stake in shares of Coinbase Global by 1.0% during the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after purchasing an additional 30 shares in the last quarter. Ameriflex Group Inc. boosted its holdings in Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after buying an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC increased its stake in Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after buying an additional 34 shares in the last quarter. Hemington Wealth Management increased its stake in Coinbase Global by 12.1% during the 2nd quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after buying an additional 38 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its holdings in shares of Coinbase Global by 13.7% during the second 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 during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

Coinbase Global stock opened at $283.14 on Friday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market cap of $76.35 billion, a P/E ratio of 24.49 and a beta of 3.67. The company has a 50-day moving average price of $333.77 and a 200 day moving average price of $313.21. 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 announced its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business’s revenue was up 55.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of research analyst reports. Monness Crespi & Hardt raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 price target on the stock in a research note on Monday. Piper Sandler restated a “neutral” rating and issued a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Barclays dropped their target price on shares of Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a report on Friday, October 31st. Compass Point reduced their target price on shares of Coinbase Global from $277.00 to $266.00 in a research report on Friday, October 31st. Finally, Erste Group Bank assumed coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average price target of $399.94.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 277,074 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total transaction of $85,870,774.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Emilie Choi sold 100,000 shares of Coinbase Global stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the completion of the sale, the chief operating officer owned 187,802 shares in the company, valued at $58,383,885.76. This represents a 34.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 643,346 shares of company stock valued at $203,470,475. 17.65% of the stock is currently owned by 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.