CIBC Asset Management Inc Grows Stake in Coinbase Global, Inc. $COIN

Key Points

• CIBC Asset Management increased its Coinbase stake by 83.5% in the fourth quarter, ending with 52,830 shares valued at about $11.95 million.
• Coinbase has seen mixed sentiment from investors and insiders: several hedge funds added to positions, but insiders also continued selling shares through pre-arranged trading plans.
• The stock remains under pressure from fundamentals, as Coinbase recently reported a Q1 earnings miss with revenue down 30.5% year over year, while analysts currently rate the stock a Hold on average.

CIBC Asset Management Inc grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 83.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,830 shares of the cryptocurrency exchange's stock after purchasing an additional 24,045 shares during the period. CIBC Asset Management Inc's holdings in Coinbase Global were worth $11,947,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in COIN. Integrated Wealth Concepts LLC lifted its stake in Coinbase Global by 24.2% in the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock worth $365,000 after purchasing an additional 413 shares during the last quarter. Empowered Funds LLC lifted its stake in Coinbase Global by 25.8% in the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock worth $1,478,000 after purchasing an additional 1,761 shares during the last quarter. Focus Partners Wealth lifted its stake in Coinbase Global by 9.9% in the first quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange's stock worth $896,000 after purchasing an additional 467 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Coinbase Global in the second quarter worth $285,000. Finally, Cerity Partners LLC lifted its stake in Coinbase Global by 8.6% in the second quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange's stock worth $6,203,000 after purchasing an additional 1,402 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the transaction, 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 position. The sale was disclosed in a 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 Paul Grewal sold 1,960 shares of Coinbase Global stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company's stock, valued at $14,991,110.64. The trade was a 2.26% 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. Over the last quarter, insiders sold 38,546 shares of company stock valued at $7,422,495. Corporate 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 is expanding into new products with its SpaceX pre-IPO perpetual futures launch for overseas users, a move that could open up a new, higher-margin trading category and support long-term growth. Article Title
• Positive Sentiment: Coinbase and Better Mortgage completed the first U.S. Bitcoin-backed home loan approved by Fannie Mae, highlighting Coinbase’s push into real-world crypto utility and financial infrastructure. Article Title
• Positive Sentiment: Coinbase CEO Brian Armstrong’s comments on U.S.-China competition reinforce the company’s long-term growth narrative and pro-innovation image. Article Title
• Neutral Sentiment: Coinbase remains widely watched by investors, with high web traffic and analyst attention keeping the stock in focus, though this alone does not change fundamentals. Article Title
• Negative Sentiment: Baird lowered its price target on Coinbase to $142 and flagged weak trading volumes, implying that crypto activity may stay soft for longer than bulls hoped. Article Title
• Negative Sentiment: Bitcoin’s continued selloff and broader crypto weakness are pressuring Coinbase shares by reducing expected trading volume and investor risk appetite. Article Title
• Negative Sentiment: A Coinbase director sold 10,000 shares in a pre-arranged transaction, which can add to cautious sentiment even if it was not a discretionary sale. Article Title

Analyst Upgrades and Downgrades

Several research firms have weighed in on COIN. Wedbush set a $224.00 price target on shares of Coinbase Global in a research note on Friday, May 8th. 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. The Goldman Sachs Group boosted their price target on Coinbase Global from $226.00 to $228.00 and gave the company a "buy" rating in a report on Thursday, May 28th. JPMorgan Chase & Co. upped their price target on Coinbase Global from $252.00 to $290.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings raised Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 29th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $250.23.

Coinbase Global Stock Down 7.1%

COIN opened at $152.40 on Friday. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a 1-year low of $139.36 and a 1-year high of $444.64. The company has a market capitalization of $40.15 billion, a PE ratio of 57.29, a PEG ratio of 5.68 and a beta of 3.32. The firm's 50 day simple moving average is $186.06 and its two-hundred day simple moving average is $207.59.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share 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 the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm's revenue was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, equities analysts forecast that Coinbase Global, Inc. will post 1.77 EPS for the current year.

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.

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