SOA Wealth Advisors LLC. Trims Stock Holdings in Coinbase Global, Inc. $COIN

SOA Wealth Advisors LLC. decreased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 11.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 201 shares of the cryptocurrency exchange’s stock after selling 27 shares during the period. SOA Wealth Advisors LLC.’s holdings in Coinbase Global were worth $70,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares in the last quarter. ARK Investment Management LLC increased its position in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after buying an additional 34,462 shares in the last quarter. Groupama Asset Managment increased its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Amundi increased its position in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after buying an additional 481,786 shares in the last quarter. Finally, Northern Trust Corp increased its position in Coinbase Global by 0.6% in the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after buying an additional 7,675 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on COIN shares. Bank of America dropped their price objective on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Argus started coverage on Coinbase Global in a research note on Monday, July 14th. They issued a “buy” rating and a $400.00 price objective for the company. Benchmark upped their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Finally, China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a “buy” rating and a $353.30 price objective for the company. Fourteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $359.49.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 198,300 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at $209,279.62. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 15,439 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 714,515 shares of company stock valued at $272,046,775. 17.65% of the stock is owned by corporate insiders.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $372.07 on Friday. The stock has a 50 day moving average of $323.85 and a 200 day moving average of $279.47. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The firm has a market cap of $95.60 billion, a PE ratio of 35.98 and a beta of 3.68. 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 announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Coinbase Global’s quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.