Magnolia Capital Advisors LLC Cuts Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Magnolia Capital Advisors LLC decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,538 shares of the cryptocurrency exchange’s stock after selling 253 shares during the period. Magnolia Capital Advisors LLC’s holdings in Coinbase Global were worth $342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after acquiring an additional 55 shares in the last quarter. Versant Capital Management Inc grew its position in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares in the last quarter. Larson Financial Group LLC grew its position in Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after acquiring an additional 57 shares in the last quarter. Benjamin Edwards Inc. grew its position in Coinbase Global by 3.1% in the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after acquiring an additional 61 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC grew its position in Coinbase Global by 4.6% in the second quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after acquiring an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $178.17 on Tuesday. The company has a market capitalization of $43.75 billion, a price-to-earnings ratio of 35.56 and a beta of 3.36. Coinbase Global, Inc. has a 52 week low of $70.41 and a 52 week high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average of $190.02 and a 200 day moving average of $218.43.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s quarterly revenue was up 104.8% on a year-over-year basis. During the same period last year, the firm earned ($0.42) EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $115,883.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,612 shares of company stock valued at $20,326,489. 23.43% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on COIN shares. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a research report on Monday, August 5th. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their target price for the company from $206.00 to $169.00 in a research report on Friday, September 6th. Finally, Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $246.06.

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.