Janney Montgomery Scott LLC Sells 8,512 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Janney Montgomery Scott LLC trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 22.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,122 shares of the cryptocurrency exchange’s stock after selling 8,512 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Coinbase Global were worth $7,479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in COIN. Dakota Wealth Management bought a new position in shares of Coinbase Global during the 4th quarter valued at approximately $509,000. Simon Quick Advisors LLC increased its stake in Coinbase Global by 8.5% in the 4th quarter. Simon Quick Advisors LLC now owns 2,122 shares of the cryptocurrency exchange’s stock worth $527,000 after buying an additional 166 shares in the last quarter. Oxinas Partners Wealth Management LLC purchased a new position in shares of Coinbase Global in the fourth quarter valued at about $265,000. Ballentine Partners LLC boosted its stake in shares of Coinbase Global by 4.5% in the fourth quarter. Ballentine Partners LLC now owns 3,463 shares of the cryptocurrency exchange’s stock worth $860,000 after acquiring an additional 150 shares during the period. Finally, Koshinski Asset Management Inc. purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $278,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on COIN. 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 research note on Friday, January 10th. Keefe, Bruyette & Woods decreased their target price on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. Mizuho lifted their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Needham & Company LLC upped their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $281.82 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $70.55 billion, a price-to-earnings ratio of 48.09 and a beta of 3.59. The firm has a 50 day moving average of $288.73 and a 200 day moving average of $234.81. Coinbase Global, Inc. has a 52 week low of $114.51 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the company earned ($0.01) EPS. The company’s revenue was up 78.8% on a year-over-year basis. On average, sell-side analysts predict that Coinbase Global, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, Director Frederick R. Wilson sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the sale, the director now owns 50,000 shares in the company, valued at approximately $15,000,000. This represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 377,705 shares of company stock valued at $112,792,687 in the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Company 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.