Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Summit Trail Advisors LLC

by · The Markets Daily

Summit Trail Advisors LLC cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 7.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,519 shares of the cryptocurrency exchange’s stock after selling 4,931 shares during the period. Summit Trail Advisors LLC’s holdings in Coinbase Global were worth $11,674,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC lifted its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the last quarter. Lynx Investment Advisory purchased a new stake in Coinbase Global in the second quarter valued at approximately $29,000. Versant Capital Management Inc boosted its holdings in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global during the third quarter worth approximately $32,000. Finally, Spirit of America Management Corp NY purchased a new position in shares of Coinbase Global during the second quarter worth approximately $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $304.64 on Friday. The firm’s fifty day simple moving average is $214.20 and its 200-day simple moving average is $215.16. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $76.27 billion, a PE ratio of 51.99 and a beta of 3.34. Coinbase Global, Inc. has a fifty-two week low of $107.98 and a fifty-two week high of $341.75.

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 78.8% compared to the same quarter last year. Analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 18.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 194,091 shares of company stock worth $50,033,426 in the last quarter. Company insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on COIN. Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Barclays boosted their price target on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Finally, Monness Crespi & Hardt assumed coverage on Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average target price of $251.00.

Check Out Our Latest Report on COIN

Coinbase Global Company Profile

(Free Report)

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.

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