Coinbase Global, Inc. $COIN Stock Position Lessened by First Trust Advisors LP

First Trust Advisors LP trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 51.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 127,706 shares of the cryptocurrency exchange’s stock after selling 137,030 shares during the period. First Trust Advisors LP’s holdings in Coinbase Global were worth $44,760,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of COIN. Bessemer Group Inc. boosted its stake in Coinbase Global by 672.2% during the 2nd quarter. Bessemer Group Inc. now owns 1,166 shares of the cryptocurrency exchange’s stock valued at $408,000 after purchasing an additional 1,015 shares in the last quarter. SP Asset Management LLC bought a new stake in shares of Coinbase Global in the 2nd quarter worth $360,000. Kera Capital Partners Inc. boosted its stake 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 buying an additional 1,085 shares in the last quarter. Parallel Advisors LLC grew its holdings in Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock worth $3,738,000 after acquiring an additional 5,402 shares during the period. Finally, New York Life Investment Management LLC raised its position in Coinbase Global by 890.8% in the second quarter. New York Life Investment Management LLC now owns 31,479 shares of the cryptocurrency exchange’s stock worth $11,033,000 after acquiring an additional 28,302 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Buying and Selling at Coinbase Global

In other news, COO Emilie Choi sold 100,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total value of $31,088,000.00. Following the transaction, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the stock in a transaction that occurred 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 733,096 shares of company stock valued at $226,624,810 in the last 90 days. 16.56% of the stock is currently owned by corporate insiders.

Coinbase Global Price Performance

COIN opened at $274.20 on Tuesday. The stock has a fifty day moving average of $313.93 and a 200-day moving average of $318.77. The firm has a market capitalization of $73.94 billion, a P/E ratio of 23.72 and a beta of 3.69. 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 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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 business had revenue of $1.87 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 earnings per share. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on COIN. Barclays reduced their price objective on shares of Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a research report on Friday, October 31st. Wall Street Zen cut shares of Coinbase Global from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Cantor Fitzgerald decreased their price target on shares of Coinbase Global from $500.00 to $459.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. President Capital increased their price objective on Coinbase Global from $401.00 to $472.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $396.94.

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.