DekaBank Deutsche Girozentrale Cuts Stake in Coinbase Global, Inc. $COIN

DekaBank Deutsche Girozentrale lowered its position in Coinbase Global, Inc. (NASDAQ:COIN) by 10.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,346 shares of the cryptocurrency exchange’s stock after selling 2,748 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Coinbase Global were worth $8,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of COIN. Bessemer Group Inc. boosted its stake in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter valued at approximately $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global during the first quarter valued at approximately $31,000. SouthState Corp boosted its stake in shares of Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 104 shares during the period. Finally, Berbice Capital Management LLC purchased a new stake in shares of Coinbase Global during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $322.76 on Friday. The stock has a fifty day moving average of $328.89 and a 200 day moving average of $297.17. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The firm has a market capitalization of $82.93 billion, a price-to-earnings ratio of 31.21 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

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

Analyst Upgrades and Downgrades

COIN has been the subject of a number of analyst reports. Needham & Company LLC increased their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 1st. BTIG Research initiated coverage on Coinbase Global in a research note on Wednesday, October 1st. They set a “buy” rating and a $410.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Canaccord Genuity Group reissued a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Williams Trading set a $405.00 price objective on Coinbase Global in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $376.09.

Insiders Place Their Bets

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares of the company’s stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,657 shares of company stock worth $67,479,576. 17.65% 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.