Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 95.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,035 shares of the cryptocurrency exchange’s stock after selling 960,808 shares during the period. Franklin Resources Inc.’s holdings in Coinbase Global were worth $9,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Clear Street Derivatives LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at about $409,919,000. Renaissance Technologies LLC grew its position in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the period. American Century Companies Inc. raised its position in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares during the period. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Finally, Azora Capital LP grew its position in shares of Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after acquiring an additional 220,078 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 1.7 %

Shares of NASDAQ:COIN opened at $278.71 on Friday. Coinbase Global, Inc. has a 52-week low of $114.51 and a 52-week high of $349.75. The stock has a market cap of $69.78 billion, a P/E ratio of 47.56 and a beta of 3.57. The business has a fifty day moving average of $269.18 and a two-hundred day moving average of $227.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (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 during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the company posted ($0.01) EPS. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, research analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Needham & Company LLC lifted their price target on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. HC Wainwright restated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Mizuho lifted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Finally, B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $286.22.

Insider Activity

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the transaction, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,720 shares of company stock valued at $79,787,248 in the last 90 days. Company insiders own 23.43% of the company’s stock.

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.