Coinbase Director Marc Andreessen Sells Shares Amid Mixed Analyst Views
Coinbase Global (NASDAQ: COIN) Director Marc Andreessen sold 13,676 shares of the company's stock on Thursday, October 1st. The shares were sold at an average price of $186.18, totaling $2,546,197.68. Following the transaction, Andreessen's ownership decreased by 1.21%, leaving him with 1,115,810 shares valued at approximately $207,741,505.80. The sale was executed under a pre-arranged Rule 10b5-1 trading plan.
On Monday, Coinbase's stock price rose to $188.22, up $5.22 from earlier trading. The company's shares have a 52-week range of $139.11 to $402.16. Coinbase reported a loss of $1.36 per share for the second quarter, missing estimates by $0.92, and revenue of $1.22 billion, down 18.5% year-over-year. Despite this, Bitcoin's recent strength has supported crypto-exchange stocks, with Bitcoin nearing $87,000.
Analysts have mixed opinions on Coinbase. Needham & Company lowered its price target to $177.00 but maintained a 'buy' rating, while Compass Point upgraded the stock to 'neutral' with a $177.00 target. Citigroup reaffirmed a 'market outperform' rating, and Canaccord Genuity kept a 'buy' rating with a $300.00 target. Piper Sandler raised its target to $170.00 but kept a 'neutral' rating. Overall, Coinbase has a consensus 'Hold' rating and a target price of $222.97.
Recent institutional trading activity shows hedge funds acquiring new positions in Coinbase. Archer Investment Corp, MV Capital Management, and Osbon Capital Management all purchased stakes in the company. Glen Eagle Advisors increased its holdings by 101.1%, and Brooklands Fund Management also acquired a new position. Institutional investors now own 68.84% of the stock.