Miracle Mile Advisors LLC Sells 903 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Miracle Mile Advisors LLC cut its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 43.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,171 shares of the cryptocurrency exchange’s stock after selling 903 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Coinbase Global were worth $311,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Coinbase Global by 0.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock worth $2,561,000 after acquiring an additional 81 shares in the last quarter. Fountainhead AM LLC lifted its holdings in shares of Coinbase Global by 2.1% in the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after purchasing an additional 81 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in shares of Coinbase Global by 2.6% in the 4th quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock worth $590,000 after purchasing an additional 86 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in Coinbase Global by 2.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange’s stock valued at $669,000 after purchasing an additional 90 shares during the period. Finally, Larson Financial Group LLC increased its stake in Coinbase Global by 34.5% during the 4th quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange’s stock valued at $61,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $233.37 on Tuesday. The company has a 50-day simple moving average of $227.85 and a two-hundred day simple moving average of $202.76. Coinbase Global, Inc. has a 12-month low of $69.63 and a 12-month high of $283.48. The firm has a market cap of $57.31 billion, a price-to-earnings ratio of 46.58 and a beta of 3.40. 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 earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. On average, equities analysts forecast that Coinbase Global, Inc. will post 5.01 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Barclays lifted their price target on Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. Raymond James raised shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. Finally, Wedbush upped their target price 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $215.50.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the completion of the sale, the insider now directly owns 66,122 shares in the company, valued at $14,644,039.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Lawrence J. Brock sold 16,456 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $223.34, for a total value of $3,675,283.04. Following the completion of the sale, the insider now directly owns 16,140 shares of the company’s stock, valued at approximately $3,604,707.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the transaction, the insider now owns 66,122 shares in the company, valued at approximately $14,644,039.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 343,641 shares of company stock worth $76,670,568. 23.43% of the stock is currently owned by company insiders.

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.