BLKBRD Asset Management LP Sells 41,040 Shares of Coinbase Global, Inc. $COIN

Key Points

• BLKBRD Asset Management cut its Coinbase stake by 73.3% in the fourth quarter, selling 41,040 shares and leaving it with 14,918 shares valued at about $3.37 million.
• Coinbase’s latest earnings showed a miss on both profit and revenue, with quarterly EPS of -$1.49 versus expectations of $0.06 and revenue of $1.41 billion versus the $1.49 billion consensus.
• Despite the weak earnings, analysts remain mixed but generally constructive: the stock has a Hold consensus rating with an average target price of about $250.23, while several firms still maintain Buy or Overweight ratings.

BLKBRD Asset Management LP lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 73.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,918 shares of the cryptocurrency exchange's stock after selling 41,040 shares during the quarter. Coinbase Global makes up approximately 4.5% of BLKBRD Asset Management LP's holdings, making the stock its 16th biggest holding. BLKBRD Asset Management LP's holdings in Coinbase Global were worth $3,374,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. West Family Investments Inc. boosted its stake in shares of Coinbase Global by 3.3% in the 3rd quarter. West Family Investments Inc. now owns 1,029 shares of the cryptocurrency exchange's stock valued at $347,000 after purchasing an additional 33 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of Coinbase Global by 32.2% in the 3rd quarter. GW&K Investment Management LLC now owns 152 shares of the cryptocurrency exchange's stock valued at $51,000 after purchasing an additional 37 shares during the last quarter. Bridgewater Advisors Inc. boosted its stake in shares of Coinbase Global by 1.2% in the 3rd quarter. Bridgewater Advisors Inc. now owns 3,307 shares of the cryptocurrency exchange's stock valued at $1,116,000 after purchasing an additional 38 shares during the last quarter. Formidable Asset Management LLC boosted its stake in shares of Coinbase Global by 2.2% in the 4th quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange's stock valued at $469,000 after purchasing an additional 44 shares during the last quarter. Finally, L2 Asset Management LLC boosted its stake in shares of Coinbase Global by 5.0% in the 3rd quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange's stock valued at $326,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $169.27 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The company has a market capitalization of $44.60 billion, a P/E ratio of 63.64, a price-to-earnings-growth ratio of 5.40 and a beta of 3.32. The company's 50 day moving average price is $184.95 and its two-hundred day moving average price is $202.67. Coinbase Global, Inc. has a 52 week low of $139.36 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business's quarterly revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share. On average, analysts expect that Coinbase Global, Inc. will post 1.93 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Frederick R. Wilson sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $181.54, for a total value of $1,815,400.00. Following the sale, the director directly owned 30,000 shares in the company, valued at $5,446,200. This trade represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global 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 completion of the sale, the insider owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 30,647 shares of company stock worth $5,740,941. Corporate insiders own 16.66% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $240.00 target price on shares of Coinbase Global in a research note on Wednesday, May 6th. Benchmark reduced their target price on shares of Coinbase Global from $267.00 to $260.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Rothschild & Co Redburn raised their target price on shares of Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Weiss Ratings upgraded shares of Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 29th. Finally, Cantor Fitzgerald increased their price target on shares of Coinbase Global from $221.00 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday, April 21st. Eighteen research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $250.23.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: Coinbase teamed up with MassPay to streamline global payments using stablecoins, highlighting growing real-world use cases for its crypto infrastructure. Coinbase Teams Up with MassPay to Streamline Global Payments Using Stablecoins
• Positive Sentiment: The company launched AI tools and “agentic trading” features that can provide investment ideas and execute trades within user-defined limits, which could broaden engagement and trading activity. Coinbase is launching AI tools that give investment advice and make trades on your behalf
• Positive Sentiment: Coinbase expanded into prediction markets and derivatives, and added more tokenized equity offerings, signaling a faster move into higher-growth trading products. Coinbase Expands Into Agentic Trading, New Prediction Markets Contracts And Derivatives
• Positive Sentiment: Coinbase is allowing users to transfer stock portfolios onto its platform, another sign it is trying to become a full-service brokerage-like venue rather than only a crypto exchange. Coinbase lets users transfer stock portfolios as exchange expands beyond crypto
• Positive Sentiment: Coverage around tokenized U.S. stocks suggests investor enthusiasm for Coinbase’s push into on-chain equities, which could create a new revenue stream and draw more attention to the stock. Coinbase Launches Real Tokenized Stocks, Robinhood, Kraken Race To Follow
• Neutral Sentiment: Brian Armstrong’s comments on tokenized stocks and opening U.S. equity access to global investors keep Coinbase in the spotlight, but are more explanatory than immediately material. Coinbase CEO on tokenized stock launch: Opens US equity access to global investors
• Neutral Sentiment: Several articles noted that COIN is a trending stock and that Bitcoin sentiment has improved, but these are mostly sentiment/market-interest indicators rather than direct catalysts. Coinbase Global, Inc. (COIN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Broader commentary still points to valuation concerns and earlier weakness in Coinbase shares, which may limit upside if the new product launches do not quickly translate into revenue. Coinbase (COIN) Stock Valuation After AI Agents Launch And New Trust Charter Approval

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.

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