Hennessy Advisors Inc. Sells 500 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Hennessy Advisors Inc. decreased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 8.3% during the 4th quarter, Holdings Channel reports. The firm owned 5,500 shares of the cryptocurrency exchange’s stock after selling 500 shares during the quarter. Hennessy Advisors Inc.’s holdings in Coinbase Global were worth $1,366,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its holdings in shares of Coinbase Global by 14.8% during the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock worth $9,966,000 after buying an additional 5,767 shares in the last quarter. Wealth Alliance acquired a new stake in Coinbase Global during the 2nd quarter valued at $230,000. Mercer Global Advisors Inc. ADV raised its position in Coinbase Global by 26.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock valued at $2,697,000 after purchasing an additional 2,565 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its position in Coinbase Global by 6.6% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock valued at $571,000 after purchasing an additional 160 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Coinbase Global by 32.0% during the second quarter. Amalgamated Bank now owns 12,935 shares of the cryptocurrency exchange’s stock worth $2,875,000 after purchasing an additional 3,133 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

COIN has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Piper Sandler upped their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Monness Crespi & Hardt increased their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. The Goldman Sachs Group dropped their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Mizuho increased their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $282.83.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred 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 position. The disclosure for this sale can be found here. Insiders have sold 347,033 shares of company stock worth $102,613,277 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Stock Up 4.9 %

Shares of NASDAQ:COIN opened at $295.48 on Friday. The company has a 50 day moving average price of $291.21 and a two-hundred day moving average price of $231.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $73.97 billion, a PE ratio of 50.42 and a beta of 3.59. Coinbase Global, Inc. has a 52 week low of $114.51 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the business posted ($0.01) EPS. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. Analysts forecast that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

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.