J. Derek Lewis & Associates Inc. Makes New $924,000 Investment in Coinbase Global, Inc. $COIN

J. Derek Lewis & Associates Inc. bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the first quarter, Holdings Channel.com reports. The firm bought 5,290 shares of the cryptocurrency exchange’s stock, valued at approximately $924,000.

Several other hedge funds have also modified their holdings of the stock. North Dakota State Investment Board acquired a new stake in shares of Coinbase Global in the fourth quarter valued at $1,626,000. Mizuho Markets Cayman LP purchased a new stake in shares of Coinbase Global in the 4th quarter valued at $33,921,000. Harvest Portfolios Group Inc. lifted its stake in Coinbase Global by 21.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock worth $85,159,000 after acquiring an additional 67,082 shares in the last quarter. Axxcess Wealth Management LLC lifted its stake in Coinbase Global by 303.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock worth $4,594,000 after acquiring an additional 15,282 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in Coinbase Global by 65.4% during the 1st quarter. QRG Capital Management Inc. now owns 24,102 shares of the cryptocurrency exchange’s stock valued at $4,208,000 after acquiring an additional 9,532 shares during the period. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $163.58 on Friday. The stock’s 50-day moving average is $164.00 and its two-hundred day moving average is $181.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. Coinbase Global, Inc. has a 1-year low of $139.18 and a 1-year high of $402.16. The company has a market cap of $43.10 billion, a price-to-earnings ratio of 61.50, a price-to-earnings-growth ratio of 10.30 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. Analysts forecast that Coinbase Global, Inc. will post 1.42 EPS for the current fiscal year.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase captured a record 10.3% share of global crypto trading volume, up from 9.1% in the first quarter, indicating that it is gaining market share even as overall industry activity weakens. The company also highlighted growth in derivatives, stablecoins, tokenized finance, prediction markets and subscription services. Coinbase Q2 results and record market share
• Positive Sentiment: A Manhattan federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, including claims involving matched customer transactions. The ruling could reduce legal exposure, although remaining claims may still create risk. Coinbase customer lawsuit ruling
• Neutral Sentiment: Management is lobbying for the Senate’s CLARITY Act, which could establish clearer crypto-market rules and potentially make it easier for Coinbase to expand products and attract institutional and retail customers. Passage and timing remain uncertain. CLARITY Act implications for Coinbase
• Negative Sentiment: Coinbase reported a GAAP net loss of $359.5 million, or $1.36 per diluted share, versus analysts’ expected loss of roughly $122 million, while revenue fell 18.5% year over year to $1.22 billion, below estimates near $1.29 billion to $1.31 billion. This marked the company’s third consecutive quarterly loss and its third straight revenue and earnings miss. Coinbase third-quarterly loss report
• Negative Sentiment: Lower spot-crypto trading volumes and subdued market volatility reduced transaction revenue and outweighed gains in subscription and services revenue. The results raise doubts about whether Coinbase can quickly diversify beyond its traditional exchange business.

Wall Street Analyst Weigh In

Several research firms have weighed in on COIN. Wedbush set a $224.00 target price on Coinbase Global in a research report on Friday, May 8th. Barclays reissued an “underweight” rating and set a $95.00 price target on shares of Coinbase Global in a research report on Friday. Citizens Jmp lowered their price objective on shares of Coinbase Global from $355.00 to $325.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Bank of America dropped their price objective on shares of Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Finally, Citigroup cut their target price on shares of Coinbase Global from $400.00 to $235.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $233.47.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the transaction, the insider owned 517 shares of the company’s stock, valued at $97,718.17. This trade represents a 92.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,627 shares of company stock valued at $5,327,841 over the last three months. 16.66% of the stock is currently owned by corporate insiders.

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.