Cibc World Market Inc. Buys 25,759 Shares of Coinbase Global, Inc. $COIN

Key Points

• CIBC World Market Inc. increased its Coinbase stake by 70.7% in the fourth quarter, buying 25,759 more shares and bringing its total holding to 62,169 shares worth about $14.1 million.
• Coinbase shares were down 7.1% and opened at $152.40, well below both its 50-day and 200-day moving averages, reflecting ongoing weakness in the stock.
• The company recently reported a large earnings miss, posting a loss of $1.49 per share versus expectations for a profit, while revenue of $1.41 billion also came in below analyst estimates.

Cibc World Market Inc. raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 70.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,169 shares of the cryptocurrency exchange's stock after purchasing an additional 25,759 shares during the quarter. Cibc World Market Inc.'s holdings in Coinbase Global were worth $14,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of COIN. Norges Bank bought a new stake in Coinbase Global during the fourth quarter valued at approximately $656,744,000. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 8.3% during the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock worth $8,847,905,000 after acquiring an additional 2,007,930 shares in the last quarter. Ruffer LLP purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $166,515,000. Artisan Partners Limited Partnership purchased a new position in shares of Coinbase Global during the third quarter worth approximately $224,663,000. Finally, Anatole Investment Management Ltd purchased a new position in shares of Coinbase Global during the second quarter worth approximately $98,698,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Down 7.1%

Shares of NASDAQ COIN opened at $152.40 on Friday. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a 52 week low of $139.36 and a 52 week high of $444.64. The firm's fifty day moving average is $186.06 and its 200 day moving average is $207.59. The company has a market cap of $40.15 billion, a price-to-earnings ratio of 57.29, a PEG ratio of 5.68 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued 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). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm's quarterly revenue was down 30.5% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global, Inc. will post 1.77 earnings per share for the current year.

Trending Headlines about Coinbase Global

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. B. Riley Financial decreased their price target on shares of Coinbase Global from $243.00 to $203.00 and set a "neutral" rating on the stock in a research note on Monday, June 1st. Cantor Fitzgerald lifted their price target on shares of Coinbase Global from $221.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. Sanford C. Bernstein decreased their price target on shares of Coinbase Global from $440.00 to $330.00 and set an "outperform" rating on the stock in a research note on Monday, March 30th. Citigroup decreased their price target on shares of Coinbase Global from $505.00 to $400.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Finally, Wedbush set a $224.00 price target on shares of Coinbase Global in a research note on Friday, May 8th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $250.23.

Insider Activity

In related news, insider Paul Grewal sold 1,960 shares of Coinbase Global stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total value of $346,684.80. Following 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $181.54, for a total transaction of $1,815,400.00. Following the transaction, the director directly owned 30,000 shares in the company, valued at approximately $5,446,200. The trade was a 25.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 38,546 shares of company stock valued at $7,422,495 in the last three months. Corporate insiders own 16.66% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.