Touchstone Capital Inc. Lowers Position in Coinbase Global, Inc. (NASDAQ:COIN)

Touchstone Capital Inc. cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 38.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,697 shares of the cryptocurrency exchange’s stock after selling 7,403 shares during the quarter. Coinbase Global comprises about 3.2% of Touchstone Capital Inc.’s portfolio, making the stock its 14th biggest position. Touchstone Capital Inc.’s holdings in Coinbase Global were worth $2,084,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in COIN. Vanguard Group Inc. raised its position in shares of Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after acquiring an additional 2,624,989 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares in the last quarter. American Century Companies Inc. increased its position in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. Finally, APEIRON CAPITAL Ltd acquired a new position in Coinbase Global during the 1st quarter valued at about $108,434,000. 68.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

COIN has been the topic of several recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Compass Point reduced their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a report on Monday, August 5th. Bank of America cut their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, The Goldman Sachs Group lowered their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $246.44.

Coinbase Global Price Performance

Shares of NASDAQ:COIN traded up $10.76 during midday trading on Wednesday, hitting $207.10. The company had a trading volume of 5,975,379 shares, compared to its average volume of 10,350,403. Coinbase Global, Inc. has a twelve month low of $70.42 and a twelve month high of $283.48. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 41.07 and a beta of 3.35. The business’s 50-day simple moving average is $178.81 and its 200-day simple moving average is $211.96.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.42) earnings per share. On average, research analysts predict that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the transaction, the insider now owns 71,195 shares in the company, valued at approximately $16,784,221.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at approximately $16,784,221.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,037 shares of company stock valued at $14,136,915 in the last three months. 23.43% of the stock is 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.