Oppenheimer & Co. Inc. Sells 3,805 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Oppenheimer & Co. Inc. lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 48.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,989 shares of the cryptocurrency exchange's stock after selling 3,805 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Coinbase Global were worth $711,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange's stock valued at $139,854,000 after purchasing an additional 486,512 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock worth $105,389,000 after purchasing an additional 435,886 shares during the last quarter. APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global in the first quarter valued at approximately $108,434,000. Finally, International Assets Investment Management LLC bought a new position in Coinbase Global in the 3rd quarter valued at approximately $26,665,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. Piper Sandler restated a "neutral" rating and issued a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. Needham & Company LLC increased their price objective on Coinbase Global from $290.00 to $375.00 and gave the company a "buy" rating in a report on Monday. Mizuho increased their price target on Coinbase Global from $160.00 to $178.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Finally, Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a "buy" rating and a $245.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and a consensus price target of $251.00.

Coinbase Global Stock Down 1.4 %

Shares of NASDAQ:COIN traded down $4.56 during trading on Wednesday, reaching $320.01. 22,816,793 shares of the stock were exchanged, compared to its average volume of 11,104,324. The firm has a market cap of $80.11 billion, a price-to-earnings ratio of 54.61 and a beta of 3.34. The stock has a fifty day moving average of $208.71 and a two-hundred day moving average of $214.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global, Inc. has a 1-year low of $101.34 and a 1-year high of $341.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company's revenue was up 78.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Activity

In other Coinbase Global news, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the transaction, the director now owns 50,000 shares of the company's stock, valued at $15,000,000. This trade represents a 44.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company's stock, valued at approximately $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 194,091 shares of company stock worth $50,033,426 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

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.