Axxcess Wealth Management LLC Has $1.04 Million Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Axxcess Wealth Management LLC reduced its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 45.2% in the 1st quarter, Holdings Channel reports. The fund owned 3,935 shares of the cryptocurrency exchange’s stock after selling 3,242 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Coinbase Global were worth $1,043,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares in the last quarter. Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter worth $202,936,000. a16z Perennial Management L.P. acquired a new stake in shares of Coinbase Global during the fourth quarter worth $147,646,000. Hamilton Lane Advisors LLC acquired a new stake in shares of Coinbase Global during the fourth quarter worth $88,015,000. Finally, APEIRON CAPITAL Ltd bought a new stake in Coinbase Global in the 1st quarter valued at $108,434,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Friday, May 3rd. Oppenheimer increased their price objective on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Wedbush boosted their target price on Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. HC Wainwright reaffirmed a “buy” rating and set a $315.00 price target on shares of Coinbase Global in a research note on Tuesday, June 18th. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $237.50.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 17,444 shares of Coinbase Global stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $239.07, for a total transaction of $4,170,337.08. Following the completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at $17,020,588.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Coinbase Global news, insider Paul Grewal sold 17,444 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $239.07, for a total transaction of $4,170,337.08. Following the transaction, the insider now owns 71,195 shares in the company, valued at approximately $17,020,588.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $215.00, for a total transaction of $322,500.00. Following the completion of the sale, the chief operating officer now owns 213,851 shares of the company’s stock, valued at $45,977,965. The disclosure for this sale can be found here. Insiders sold 271,676 shares of company stock worth $58,878,978 in the last ninety days. 23.43% of the stock is owned by company insiders.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $11.41 during mid-day trading on Friday, reaching $242.93. 7,889,993 shares of the company were exchanged, compared to its average volume of 11,376,034. Coinbase Global, Inc. has a twelve month low of $69.63 and a twelve month high of $283.48. The stock has a market capitalization of $59.66 billion, a P/E ratio of 47.75 and a beta of 3.40. The company’s 50-day simple moving average is $234.59 and its 200-day simple moving average is $210.88. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. As a group, research analysts predict that Coinbase Global, Inc. will post 4.95 earnings per share for the current year.

Coinbase Global 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.