Federated Hermes Inc. Sells 41,424 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Federated Hermes Inc. decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 21.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 149,918 shares of the cryptocurrency exchange’s stock after selling 41,424 shares during the quarter. Federated Hermes Inc. owned approximately 0.06% of Coinbase Global worth $37,225,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in COIN. Vanguard Group Inc. grew its holdings in Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after acquiring an additional 128,802 shares in the last quarter. Geode Capital Management LLC increased its holdings in Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after buying an additional 127,075 shares during the period. Norges Bank purchased a new position in Coinbase Global during the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment bought a new position in Coinbase Global in the fourth quarter worth approximately $372,450,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Coinbase Global by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,032 shares of the cryptocurrency exchange’s stock worth $232,168,000 after buying an additional 15,954 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $270.99, for a total transaction of $6,774,750.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $142,540.74. This represents a 97.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 20,000 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.00, for a total value of $6,000,000.00. Following the transaction, the chief financial officer now owns 124,470 shares in the company, valued at $37,341,000. This represents a 13.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 182,767 shares of company stock valued at $48,326,134. Company insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on COIN. JMP Securities boosted their price target on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Barclays reduced their target price on shares of Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a report on Monday. Mizuho decreased their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Finally, Bank of America decreased their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.89.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $157.28 on Tuesday. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75. The business’s 50 day moving average price is $224.58 and its 200 day moving average price is $243.09. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $39.93 billion, a P/E ratio of 16.56 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company 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.