Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 0.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 302,200 shares of the cryptocurrency exchange’s stock after selling 1,000 shares during the period. Coinbase Global makes up 4.5% of Cullinan Associates Inc.’s portfolio, making the stock its 4th biggest position. Cullinan Associates Inc. owned about 0.12% of Coinbase Global worth $80,119,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of Coinbase Global by 3.0% in the third quarter. PNC Financial Services Group Inc. now owns 5,030 shares of the cryptocurrency exchange’s stock valued at $378,000 after purchasing an additional 145 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Coinbase Global by 55.0% in the third quarter. Envestnet Asset Management Inc. now owns 47,667 shares of the cryptocurrency exchange’s stock valued at $3,579,000 after purchasing an additional 16,914 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of Coinbase Global by 3.2% in the third quarter. Treasurer of the State of North Carolina now owns 75,160 shares of the cryptocurrency exchange’s stock valued at $5,643,000 after purchasing an additional 2,320 shares during the period. Bank of Nova Scotia purchased a new position in shares of Coinbase Global in the third quarter valued at $450,000. Finally, Legal & General Group Plc boosted its stake in shares of Coinbase Global by 2.3% in the third quarter. Legal & General Group Plc now owns 518,814 shares of the cryptocurrency exchange’s stock valued at $38,953,000 after purchasing an additional 11,730 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $134,813.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $256.30, for a total value of $5,914,122.50. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $134,813.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 343,641 shares of company stock worth $76,670,568. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COIN. Piper Sandler raised their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Friday, May 3rd. Wedbush increased their price objective on shares of Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Friday, May 3rd. Finally, Singular Research reaffirmed a “buy” rating on shares of Coinbase Global in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $215.50.

Coinbase Global Trading Down 2.6 %

Shares of COIN stock traded down $6.17 during trading hours on Tuesday, reaching $227.20. The company had a trading volume of 2,273,014 shares, compared to its average volume of 11,776,133. The company has a 50 day moving average of $227.85 and a 200 day moving average of $202.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $55.79 billion, a price-to-earnings ratio of 45.71 and a beta of 3.40. Coinbase Global, Inc. has a 1-year low of $69.63 and a 1-year high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, topping the consensus estimate of $1.04 by $0.61. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 5.01 EPS for the current year.

About Coinbase Global

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.