The Manufacturers Life Insurance Company Sells 23,328 Shares of Coinbase Global, Inc. $COIN

The Manufacturers Life Insurance Company decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 16.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,672 shares of the cryptocurrency exchange’s stock after selling 23,328 shares during the period. The Manufacturers Life Insurance Company’s holdings in Coinbase Global were worth $20,372,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of COIN. Norges Bank purchased a new position in shares of Coinbase Global in the 4th quarter valued at $656,744,000. Capital World Investors lifted its stake in shares of Coinbase Global by 847.2% during the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock worth $347,472,000 after purchasing an additional 1,374,318 shares during the last quarter. Ruffer LLP bought a new stake in Coinbase Global during the fourth quarter valued at about $166,515,000. Southpoint Capital Advisors LP bought a new stake in Coinbase Global during the first quarter valued at about $104,766,000. Finally, Janus Henderson Group PLC grew its stake in Coinbase Global by 2,597.8% in the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange’s stock valued at $124,221,000 after purchasing an additional 528,943 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Sanford C. Bernstein reiterated an “outperform” rating and issued a $330.00 target price on shares of Coinbase Global in a report on Friday. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a report on Wednesday, June 17th. Citigroup reaffirmed a “market outperform” rating on shares of Coinbase Global in a research report on Friday. Weiss Ratings lowered shares of Coinbase Global from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday. Finally, Mizuho set a $155.00 target price on shares of Coinbase Global in a research report on Friday. Eighteen research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $221.31.

Coinbase Global Trading Down 10.6%

Shares of NASDAQ:COIN opened at $146.26 on Friday. The business’s 50-day moving average is $163.23 and its 200 day moving average is $181.72. 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 $139.11 and a 1 year high of $402.16. The firm has a market capitalization of $38.53 billion, a P/E ratio of -38.09, a P/E/G ratio of 10.62 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.92). Coinbase Global had a positive return on equity of 3.04% and a negative net margin of 15.72%.The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the business posted $5.14 EPS. Coinbase Global’s revenue was down 18.5% compared to the same quarter last year. On average, research analysts predict that Coinbase Global, Inc. will post 1.25 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

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 sale, the insider owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. The trade was a 2.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 company’s stock in a transaction that occurred on Friday, May 22nd. The shares were 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 in the company, valued at $97,718.17. The trade was a 92.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 30,627 shares of company stock valued at $5,327,841. Company insiders own 16.66% of the company’s stock.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase captured a record 10.3% of global crypto trading volume, up from 9.1% in the first quarter, indicating that it is gaining share even as the overall market contracts. Coinbase Hits Record Market Share Despite Loss
• Positive Sentiment: Management highlighted growth in derivatives, stablecoins, prediction markets, Base and agent-driven finance as it seeks to become an “everything exchange” less dependent on spot crypto trading. Some analysts believe this diversification could improve resilience during crypto downturns. Coinbase Earnings Call Highlights
• Positive Sentiment: A federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, reducing a significant legal overhang, although related litigation risk remains. Coinbase Wins Dismissal in Token Lawsuit
• Neutral Sentiment: Several analysts maintained Buy or Outperform ratings and cited long-term upside, but lowered targets after the earnings report. Needham reduced its target to $177, while Oppenheimer cut its target to $193; Canaccord reaffirmed a $300 target.
• Negative Sentiment: Second-quarter revenue fell about 19% year over year to $1.22 billion, below estimates near $1.3 billion. Transaction revenue declined 21% to $599 million as lower spot-market volumes and subdued volatility hurt trading activity. Coinbase Reports Third Straight Quarterly Loss
• Negative Sentiment: Coinbase posted a GAAP net loss of approximately $359 million, or $1.36 per share, far worse than expectations, marking its third consecutive quarterly loss. Subscription and services growth was not sufficient to offset the trading slump. Coinbase Q2 Results Miss Estimates
• Negative Sentiment: Falling Bitcoin prices and reduced crypto ETF inflows are pressuring the entire crypto-linked equity group. Analysts also cut earnings forecasts, with some projecting a full-year loss, reinforcing concerns that Coinbase remains highly exposed to the crypto cycle.

Coinbase Global Profile

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.