Tredje AP fonden Sells 12,770 Shares of Coinbase Global, Inc. $COIN

Tredje AP fonden decreased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 18.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 56,864 shares of the cryptocurrency exchange’s stock after selling 12,770 shares during the quarter. Tredje AP fonden’s holdings in Coinbase Global were worth $12,859,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. REAP Financial Group LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $25,000. Palisade Asset Management LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $29,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $35,000. Cloud Capital Management LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $36,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $49,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 2.1%

Coinbase Global stock opened at $193.45 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. Coinbase Global, Inc. has a one year low of $139.36 and a one year high of $444.64. The stock has a market capitalization of $50.97 billion, a PE ratio of 72.73, a price-to-earnings-growth ratio of 6.90 and a beta of 3.38. The business’s fifty day moving average is $190.99 and its 200 day moving average is $218.98.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.06%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the business earned $0.24 earnings per share. The company’s quarterly revenue was down 30.5% on a year-over-year basis. On average, sell-side analysts predict that Coinbase Global, Inc. will post 1.75 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares of the company’s stock, valued at $75,440,200. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,990 shares of company stock worth $6,013,920 over the last 90 days. Company insiders own 16.66% of the company’s stock.

Analysts Set New Price Targets

COIN has been the topic of a number of recent research reports. Compass Point cut their target price on Coinbase Global from $190.00 to $140.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. Barclays cut their target price on Coinbase Global from $140.00 to $107.00 and set an “underweight” rating on the stock in a research note on Friday, May 8th. Sanford C. Bernstein cut their target price on Coinbase Global from $440.00 to $330.00 and set an “outperform” rating on the stock in a research note on Monday, March 30th. Jefferies Financial Group increased their target price on Coinbase Global from $151.00 to $181.00 and gave the stock a “hold” rating in a research note on Thursday, April 9th. Finally, Zacks Research raised Coinbase Global from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Nineteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $252.20.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Investors are still focused on Coinbase as a potential beneficiary of crypto market structure reform, including the CLARITY Act and SEC moves that could expand tokenized stock trading and boost regulated crypto venues. Coinbase’s compliance-heavy model and derivatives business were highlighted as possible long-term strengths. Article Title
• Positive Sentiment: Coinbase also announced it will participate in the J.P. Morgan Global Technology, Media and Communications Conference, which can keep investor attention on management’s outlook and strategy. Article Title
• Neutral Sentiment: Broader crypto-related sentiment remains mixed: Bitcoin weakness has weighed on crypto-linked stocks, while some investors are rotating toward crypto companies with different business models and revenue exposure. Article Title
• Negative Sentiment: Sen. Elizabeth Warren criticized the OCC for allegedly allowing Coinbase and other crypto firms to operate with bank-like charters without proper safeguards, renewing regulatory overhang around Coinbase’s business model. Article Title
• Negative Sentiment: Warren also sent a formal letter accusing the OCC of illegally granting national trust charters to Coinbase and other crypto firms, asking for records by June 1, which could increase scrutiny and headline risk. Article Title

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.