Sound Income Strategies LLC Has $79,000 Position in Coinbase Global, Inc. $COIN

Sound Income Strategies LLC reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 15.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 226 shares of the cryptocurrency exchange’s stock after selling 40 shares during the quarter. Sound Income Strategies LLC’s holdings in Coinbase Global were worth $79,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Avior Wealth Management LLC acquired a new stake in Coinbase Global during the 2nd quarter valued at $566,000. Ariose Capital Management Ltd acquired a new stake in Coinbase Global during the 2nd quarter valued at $3,435,000. Sage Rhino Capital LLC raised its stake in Coinbase Global by 1.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 21,454 shares of the cryptocurrency exchange’s stock valued at $7,519,000 after purchasing an additional 389 shares during the period. ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the 2nd quarter valued at $71,000. Finally, State of Alaska Department of Revenue acquired a new stake in Coinbase Global during the 2nd quarter valued at $8,364,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Trading Up 1.0%

Coinbase Global stock opened at $337.49 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The company has a market capitalization of $86.71 billion, a price-to-earnings ratio of 32.64 and a beta of 3.68. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company’s fifty day moving average price is $325.38 and its two-hundred day moving average price is $277.73.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 earnings per share. On average, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the sale, the insider owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 714,515 shares of company stock worth $272,046,775 over the last three months. Company insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on COIN. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Sanford C. Bernstein upped their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 25th. Needham & Company LLC upped their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Compass Point reaffirmed a “sell” rating and issued a $248.00 price target (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Finally, Barclays upped their price target on shares of Coinbase Global from $352.00 to $365.00 and gave the stock an “equal weight” rating in a research note on Friday, August 15th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $356.18.

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.