Sound Income Strategies LLC Sells 60 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Sound Income Strategies LLC cut its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 15.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 341 shares of the cryptocurrency exchange’s stock after selling 60 shares during the period. Sound Income Strategies LLC’s holdings in Coinbase Global were worth $85,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth about $409,919,000. Geode Capital Management LLC boosted its holdings 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 valued at $609,789,000 after acquiring an additional 314,388 shares during the period. Azora Capital LP grew its position in Coinbase Global by 214.1% in 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 last quarter. Holocene Advisors LP bought a new position in shares of Coinbase Global in the third quarter worth about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global in the 3rd quarter valued at about $29,756,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on COIN. Monness Crespi & Hardt lifted their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. The Goldman Sachs Group cut their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Mizuho upped their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Trading Up 0.7 %

NASDAQ:COIN opened at $298.00 on Friday. The company has a market capitalization of $74.60 billion, a P/E ratio of 50.85 and a beta of 3.59. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global, Inc. has a 12 month low of $114.51 and a 12 month high of $349.75. The firm has a fifty day simple moving average of $290.54 and a 200-day simple moving average of $233.82.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total transaction of $304,950.00. Following the completion of the transaction, the chief operating officer now owns 175,101 shares of the company’s stock, valued at $35,598,033.30. This trade represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 367,489 shares of company stock worth $109,624,297 over the last quarter. 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.