Lazard Asset Management LLC Sells 33,834,095 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Lazard Asset Management LLC lowered its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 100.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,328 shares of the cryptocurrency exchange’s stock after selling 33,834,095 shares during the quarter. Lazard Asset Management LLC’s holdings in Coinbase Global were worth $329,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Savant Capital LLC bought a new position in shares of Coinbase Global in the fourth quarter worth about $591,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Coinbase Global by 33.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange’s stock worth $25,729,000 after buying an additional 25,972 shares during the period. Exchange Traded Concepts LLC raised its stake in Coinbase Global by 9.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 90,265 shares of the cryptocurrency exchange’s stock valued at $22,413,000 after purchasing an additional 7,597 shares during the period. Foundations Investment Advisors LLC raised its stake in Coinbase Global by 198.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 13,614 shares of the cryptocurrency exchange’s stock valued at $3,380,000 after purchasing an additional 9,045 shares during the period. Finally, Merit Financial Group LLC bought a new stake in Coinbase Global during the 4th quarter valued at approximately $322,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $271.95 on Friday. The stock has a market cap of $69.04 billion, a price-to-earnings ratio of 28.63 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a 50 day moving average price of $197.95 and a 200-day moving average price of $246.11. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm earned $2.53 EPS. Coinbase Global’s revenue was up 24.2% compared to the same quarter last year. Equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 15,517 shares of the business’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $260.98, for a total transaction of $4,049,626.66. Following the completion of the transaction, the director now owns 10,417 shares in the company, valued at $2,718,628.66. The trade was a 59.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. The trade was a 11.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,764 shares of company stock worth $35,671,592 in the last quarter. 17.65% of the stock is owned by company insiders.

Analyst Ratings Changes

COIN has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a research note on Thursday, May 8th. Needham & Company LLC decreased their target price on Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Mizuho decreased their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Finally, Compass Point upgraded Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target for the company in a report on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $266.40.

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.