Mirae Asset Global Investments Co. Ltd. Cuts Stake in Coinbase Global, Inc. $COIN

Mirae Asset Global Investments Co. Ltd. reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 56.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,600 shares of the cryptocurrency exchange’s stock after selling 48,633 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Coinbase Global were worth $13,178,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. increased its holdings in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the first quarter worth about $30,000. S Bank Fund Management Ltd purchased a new position in shares of Coinbase Global in the 1st quarter worth about $31,000. SouthState Corp lifted its stake in shares of Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 104 shares in the last quarter. Finally, NBT Bank N A NY purchased a new stake in shares of Coinbase Global during the 1st quarter worth about $33,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on COIN. Canaccord Genuity Group restated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Jefferies Financial Group lifted their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a report on Tuesday, July 29th. JMP Securities lifted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Citigroup lifted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Finally, Piper Sandler restated a “neutral” rating and set a $350.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $367.27.

Insider Buying and Selling

In other news, CAO Jennifer N. Jones sold 1,756 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total value of $527,713.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at approximately $25,070,522.56. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 714,515 shares of company stock worth $272,046,775. Company insiders own 17.65% of the company’s stock.

Coinbase Global Trading Up 2.1%

Shares of NASDAQ:COIN opened at $380.02 on Friday. The company has a 50 day moving average of $323.62 and a 200-day moving average of $281.47. The firm has a market cap of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. As a group, analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.