Controversy Brewing Over Coinbase Investing as Experts Take Differing Stands
- Private Advisor Group LLC has trimmed its holdings in Coinbase (NASDAQ:) Global by 19.8%.
- On the contrary, other institutional investors have been increasing their stakes in Coinbase.
- Hence, the firm stock has been receiving diverging opinions from analysts.
As per a filing with the Securities and Exchange Commission (SEC), Private Advisor Group LLC has reduced its holdings in the US-based crypto exchange Coinbase Global by 19.8%.
This news was reported by MarketBeat on Saturday, indicating the organization currently owns 16,730 shares of the crypto trading platform’s stock after selling 4,135 shares. Notably, Private Advisor Group LLC’s holdings in Coinbase Global were worth $592,000 at the end of the most recent reporting period. The decrease in the group’s holdings could imply a lack of confidence in the crypto firm, thus leading to more selling pressure on the stock.
Nevertheless, other institutional investors have been boosting their stakes in Coinbase. First Trust Advisors amplified its holdings in Coinbase Global by 329.7% in the third quarter. Additionally, Northern Trust Corp (NASDAQ:) increased its holdings in Coinbase Global shares by 320.1% in Q2.
Furthermore, California Public Employees Retirement System purchased a new stake in Coinbase, while Legal & General Group Plc raised its share by 211.5% in the second quarter. Hedge funds and other institutional investors own 46.41% of the company’s stock.
Source: MarketBeat
As noted in the report, insiders have kept buying and selling Coinbase’s shares despite the selling pressure. It revealed that insiders bought 34,662 company stock valued at $1,837,055 and sold 304,098 shares valued at $16,537,363.
All in all, the news surrounding Coinbase Global has been controversial. While some institutional investors have enlarged their holdings, others have reduced their stakes. As a result, Coinbase Global stock has gained conflicting opinions from analysts, and the consensus target price is quite high.
The post Controversy Brewing Over Coinbase Investing as Experts Take Differing Stands appeared first on Coin Edition.
See original on CoinEdition
