Van ECK Associates Corp Sells 64,192 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Van ECK Associates Corp trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN) by 32.3% in the fourth quarter, Holdings Channel reports. The fund owned 134,596 shares of the cryptocurrency exchange’s stock after selling 64,192 shares during the quarter. Van ECK Associates Corp’s holdings in Coinbase Global were worth $33,420,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Clear Street Derivatives LLC bought a new position in Coinbase Global during the 3rd quarter worth $409,919,000. Geode Capital Management LLC raised its position in 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 purchasing an additional 314,388 shares during the last quarter. Azora Capital LP raised its position in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares during the last quarter. Holocene Advisors LP bought a new position in shares of Coinbase Global in the 3rd quarter worth about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Coinbase Global in the 3rd quarter worth about $29,756,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

COIN stock opened at $274.31 on Friday. The company has a market capitalization of $68.67 billion, a P/E ratio of 46.81 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The business has a 50-day simple moving average of $280.97 and a two-hundred day simple moving average of $238.16.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Research analysts expect that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COIN has been the subject of several research analyst reports. Monness Crespi & Hardt lifted their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC reissued a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a research report on Thursday. Barclays lifted their price objective on Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday. Keefe, Bruyette & Woods lowered their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Finally, JMP Securities lifted their price objective on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $301.17.

Insiders Place Their Bets

In other Coinbase Global news, 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 owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. This represents a 61.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock valued at $114,707,944 in the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

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.