Ameriprise Financial Inc. Lowers Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Ameriprise Financial Inc. reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 38.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,884 shares of the cryptocurrency exchange’s stock after selling 129,868 shares during the period. Ameriprise Financial Inc.’s holdings in Coinbase Global were worth $50,821,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in COIN. Anatole Investment Management Ltd increased its stake in Coinbase Global by 17.2% in the 4th quarter. Anatole Investment Management Ltd now owns 151,169 shares of the cryptocurrency exchange’s stock worth $37,535,000 after acquiring an additional 22,180 shares during the last quarter. AlTi Global Inc. increased its position in shares of Coinbase Global by 203.0% in the fourth quarter. AlTi Global Inc. now owns 18,043 shares of the cryptocurrency exchange’s stock worth $4,480,000 after purchasing an additional 12,088 shares during the last quarter. Acorn Financial Advisory Services Inc. ADV bought a new stake in Coinbase Global during the fourth quarter valued at approximately $227,000. Mercer Global Advisors Inc. ADV grew its stake in Coinbase Global by 1.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,805 shares of the cryptocurrency exchange’s stock worth $4,173,000 after buying an additional 298 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new position in Coinbase Global in the 4th quarter worth approximately $2,061,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $199.47 on Friday. The firm has a market capitalization of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62. The stock has a fifty day moving average of $187.38 and a 200 day moving average of $243.06. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the firm posted $2.53 EPS. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $295.10, for a total value of $2,246,891.40. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at $3,074,056.70. This trade represents a 42.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $144,786.76. The trade was a 97.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 153,742 shares of company stock worth $32,639,759. Company insiders own 17.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on COIN. The Goldman Sachs Group initiated coverage on shares of Coinbase Global in a report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price objective for the company. Compass Point reiterated a “sell” rating and issued a $180.00 price objective on shares of Coinbase Global in a report on Monday, April 28th. Rosenblatt Securities decreased their price objective on Coinbase Global from $290.00 to $260.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $268.65.

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.