Wedbush Securities Inc. Sells 702 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Wedbush Securities Inc. lowered its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 19.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,981 shares of the cryptocurrency exchange’s stock after selling 702 shares during the period. Wedbush Securities Inc.’s holdings in Coinbase Global were worth $662,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Principal Securities Inc. purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $122,000. Jump Financial LLC bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $220,000. QRG Capital Management Inc. grew its stake in Coinbase Global by 9.5% in the fourth quarter. QRG Capital Management Inc. now owns 7,813 shares of the cryptocurrency exchange’s stock worth $1,359,000 after purchasing an additional 680 shares during the period. Dimensional Fund Advisors LP raised its holdings in Coinbase Global by 16.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 427,461 shares of the cryptocurrency exchange’s stock worth $74,417,000 after purchasing an additional 58,878 shares in the last quarter. Finally, Avantax Advisory Services Inc. purchased a new position in Coinbase Global during the fourth quarter valued at $297,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at $380,530.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Jennifer N. Jones sold 450 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares in the company, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. Insiders sold 110,062 shares of company stock valued at $22,872,039 over the last 90 days. Company insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. HC Wainwright lowered their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group dropped their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Finally, Barclays raised Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $206.00 to $169.00 in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $162.89 on Friday. The firm’s 50-day moving average price is $205.41 and its 200-day moving average price is $223.29. Coinbase Global, Inc. has a 52-week low of $69.63 and a 52-week high of $283.48. The company has a market cap of $40.00 billion, a PE ratio of 32.51 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.42) EPS. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.28 EPS for the current 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.