Bryce Point Capital LLC Cuts Stock Holdings in Coinbase Global, Inc. $COIN

Bryce Point Capital LLC trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 62.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,086 shares of the cryptocurrency exchange’s stock after selling 3,519 shares during the period. Bryce Point Capital LLC’s holdings in Coinbase Global were worth $731,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of COIN. Groupama Asset Managment boosted its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the period. Vanguard Group Inc. lifted its holdings 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 during the period. Nuveen LLC purchased a new stake in Coinbase Global in the first quarter worth about $83,454,000. Amundi lifted its holdings 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 during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Coinbase Global by 2,647.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock worth $66,572,000 after buying an additional 191,300 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COIN has been the subject of several research analyst reports. The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $363.00 to $385.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Benchmark restated a “buy” rating on shares of Coinbase Global in a report on Friday. Oppenheimer restated an “outperform” rating and issued a $417.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. JPMorgan Chase & Co. lowered their price objective on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a report on Friday. Finally, Erste Group Bank initiated coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average target price of $398.91.

Coinbase Global Price Performance

COIN stock opened at $330.42 on Tuesday. The firm has a 50 day moving average price of $333.92 and a 200-day moving average price of $308.52. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The firm has a market capitalization of $84.90 billion, a price-to-earnings ratio of 28.58 and a beta of 3.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the business earned $0.28 earnings per share. The business’s revenue was up 55.1% on a year-over-year basis. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 4,675 shares of Coinbase Global stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the transaction, the chief financial officer owned 89,220 shares of the company’s stock, valued at $28,750,252.80. The trade was a 4.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 180,657 shares of company stock valued at $59,552,326 over the last ninety days. Company insiders own 23.43% of the company’s stock.

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.