Simplicity Wealth LLC Has $497,000 Position in Coinbase Global, Inc. $COIN

Simplicity Wealth LLC reduced its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 86.3% in the second quarter, HoldingsChannel.com reports. The fund owned 1,418 shares of the cryptocurrency exchange’s stock after selling 8,917 shares during the quarter. Simplicity Wealth LLC’s holdings in Coinbase Global were worth $497,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in COIN. Bessemer Group Inc. grew its stake in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after buying an additional 113 shares during the period. McClarren Financial Advisors Inc. bought a new position in shares of Coinbase Global during the 1st quarter worth approximately $30,000. S Bank Fund Management Ltd bought a new position in shares of Coinbase Global during the 1st quarter worth approximately $31,000. SouthState Corp lifted its position in shares of Coinbase Global by 128.4% during the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after buying an additional 104 shares in the last quarter. Finally, NBT Bank N A NY bought a new stake in shares of Coinbase Global in the 1st quarter worth approximately $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction on Monday, August 25th. The shares were 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 directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 739,515 shares of company stock valued at $280,933,525 over the last quarter. 23.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on COIN shares. Redburn Partners set a $417.00 price target on shares of Coinbase Global in a report on Friday. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Rothschild Redb upgraded shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Sanford C. Bernstein lifted their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Finally, Needham & Company LLC lifted their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $367.27.

Coinbase Global Stock Down 2.7%

COIN opened at $375.78 on Wednesday. The company has a fifty day moving average price of $323.84 and a 200-day moving average price of $284.12. The firm has a market capitalization of $96.55 billion, a P/E ratio of 36.34 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN) last released 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). The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.