Independent Advisor Alliance Sells 249 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Independent Advisor Alliance reduced its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 4.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,675 shares of the cryptocurrency exchange’s stock after selling 249 shares during the quarter. Independent Advisor Alliance’s holdings in Coinbase Global were worth $1,011,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Banco Santander S.A. increased its position in Coinbase Global by 12.7% during the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the period. Global Retirement Partners LLC increased its position in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after buying an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new position in Coinbase Global in the third quarter worth about $29,756,000. Lindbrook Capital LLC lifted its holdings in Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in Coinbase Global during the 2nd quarter valued at approximately $2,908,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,966 shares of company stock valued at $47,064,922. Company insiders own 23.43% of the company’s stock.

Coinbase Global Trading Down 6.1 %

Coinbase Global stock opened at $293.29 on Wednesday. Coinbase Global, Inc. has a one year low of $112.18 and a one year high of $341.75. The business’s fifty day moving average is $217.21 and its 200 day moving average is $215.90. The stock has a market capitalization of $73.43 billion, a PE ratio of 50.05 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue was up 78.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of research analyst reports. JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Needham & Company LLC boosted their target price on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 18th. HC Wainwright reissued a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. Piper Sandler reissued a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Finally, B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average price target of $255.22.

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.