Coinbase Global, Inc. $COIN Shares Acquired by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. increased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 21.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 376,578 shares of the cryptocurrency exchange’s stock after acquiring an additional 67,082 shares during the period. Coinbase Global makes up 1.5% of Harvest Portfolios Group Inc.’s portfolio, making the stock its 16th biggest position. Harvest Portfolios Group Inc.’s holdings in Coinbase Global were worth $85,159,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange’s stock valued at $5,970,285,000 after acquiring an additional 184,043 shares in the last quarter. Northern Trust Corp raised its stake in Coinbase Global by 5.9% during the 3rd quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange’s stock valued at $661,437,000 after acquiring an additional 108,751 shares in the last quarter. Legal & General Group Plc raised its stake in Coinbase Global by 5.0% during the 3rd quarter. Legal & General Group Plc now owns 1,193,784 shares of the cryptocurrency exchange’s stock valued at $402,890,000 after acquiring an additional 57,164 shares in the last quarter. Baillie Gifford & Co. raised its stake in Coinbase Global by 41.1% during the 4th quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange’s stock valued at $187,488,000 after acquiring an additional 241,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Coinbase Global by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 783,273 shares of the cryptocurrency exchange’s stock valued at $264,320,000 after acquiring an additional 8,636 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Key Coinbase Global News

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

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 quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $50.97 billion, a price-to-earnings ratio of 72.73, a price-to-earnings-growth ratio of 6.90 and a beta of 3.38. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64. The firm’s 50 day moving average price is $190.99 and its two-hundred day moving average price is $218.98.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results 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 business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.The company’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. On average, research analysts predict that Coinbase Global, Inc. will post 1.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research analyst reports. Jefferies Financial Group upped their price target on shares of Coinbase Global from $151.00 to $181.00 and gave the stock a “hold” rating in a research note on Thursday, April 9th. Needham & Company LLC reduced their price target on shares of Coinbase Global from $230.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Piper Sandler reduced their price target on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Sanford C. Bernstein reduced their price target on shares of Coinbase Global from $440.00 to $330.00 and set an “outperform” rating for the company in a research note on Monday, March 30th. Finally, Rothschild & Co Redburn upped their price target on shares of Coinbase Global from $254.00 to $263.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Nineteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $252.20.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction dated 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 owned 377,201 shares in the company, valued at approximately $75,440,200. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 29,990 shares of company stock worth $6,013,920. 16.66% of the stock is currently owned by insiders.

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.