ARK Investment Management LLC Lowers Stake in Coinbase Global, Inc. (NASDAQ:COIN)

ARK Investment Management LLC lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 6.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,034,645 shares of the cryptocurrency exchange’s stock after selling 206,553 shares during the period. Coinbase Global comprises approximately 6.3% of ARK Investment Management LLC’s holdings, making the stock its 3rd biggest position. ARK Investment Management LLC owned approximately 1.21% of Coinbase Global worth $753,502,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in COIN. Banco Santander S.A. grew its holdings 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 buying an additional 16,737 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global during the 3rd quarter valued at approximately $29,756,000. Lindbrook Capital LLC grew its holdings in Coinbase Global by 30.2% during the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares in the last quarter. Wellington Management Group LLP grew its holdings in Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after buying an additional 16,363 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Coinbase Global by 237.5% during the 3rd quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after buying an additional 23,040 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN stock opened at $213.09 on Wednesday. Coinbase Global, Inc. has a fifty-two week low of $146.12 and a fifty-two week high of $349.75. The firm has a market capitalization of $54.10 billion, a price-to-earnings ratio of 22.43 and a beta of 3.61. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock’s 50-day simple moving average is $272.02 and its 200-day simple moving average is $240.90.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of Coinbase Global stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,114,162.15. The trade was a 70.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the sale, the chief financial officer now directly owns 144,470 shares of the company’s stock, valued at $38,554,708.90. This trade represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 226,091 shares of company stock worth $64,162,116. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COIN. Bank of America cut their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a report on Tuesday, February 18th. Barclays raised their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Finally, The Goldman Sachs Group cut their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $311.56.

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.