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

Key Points

• Harvest Portfolios Group Inc. increased its Coinbase stake by 21.7% in the fourth quarter, buying 67,082 more shares and bringing its total holdings to 376,578 shares worth about $85.2 million.
• Institutional ownership of Coinbase remains heavy, with hedge funds and other investors holding 68.84% of the company’s stock. Several other funds also raised or initiated positions during the quarter.
• Coinbase’s latest earnings disappointed, as it posted a loss of $1.49 per share and revenue of $1.41 billion, both below expectations, even as analysts remain mixed-to-bullish overall with a consensus price target of $252.20.

Harvest Portfolios Group Inc. grew its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 21.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 376,578 shares of the cryptocurrency exchange's stock after purchasing an additional 67,082 shares during the quarter. Coinbase Global accounts for about 1.5% of Harvest Portfolios Group Inc.'s holdings, making the stock its 16th biggest holding. Harvest Portfolios Group Inc. owned about 0.14% of Coinbase Global worth $85,159,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Coinbase Global during the 4th quarter worth about $9,198,000. Handelsbanken Fonder AB increased its stake in Coinbase Global by 31.6% in the 4th quarter. Handelsbanken Fonder AB now owns 77,354 shares of the cryptocurrency exchange's stock valued at $17,493,000 after buying an additional 18,568 shares during the period. Csenge Advisory Group increased its stake in Coinbase Global by 110.2% in the 4th quarter. Csenge Advisory Group now owns 2,165 shares of the cryptocurrency exchange's stock valued at $490,000 after buying an additional 1,135 shares during the period. ProShare Advisors LLC raised its stake in shares of Coinbase Global by 6.5% during the 4th quarter. ProShare Advisors LLC now owns 49,141 shares of the cryptocurrency exchange's stock worth $11,113,000 after buying an additional 3,015 shares in the last quarter. Finally, Radnor Capital Management LLC lifted its stake in shares of Coinbase Global by 26.1% in the fourth quarter. Radnor Capital Management LLC now owns 1,185 shares of the cryptocurrency exchange's stock valued at $268,000 after purchasing an additional 245 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Coinbase Global stock opened at $193.45 on Wednesday. The company has a market cap of $50.97 billion, a PE ratio of 72.73, a P/E/G ratio of 6.90 and a beta of 3.38. The company has a fifty day moving average price of $190.99 and a two-hundred day moving average price of $218.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. Coinbase Global, Inc. has a 12 month low of $139.36 and a 12 month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates 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 business's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. Research analysts expect that Coinbase Global, Inc. will post 1.75 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 10,020 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 397,171 shares of the company's stock, valued at approximately $79,434,200. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 29,990 shares of company stock worth $6,013,920 over the last three months. 16.66% of the stock is currently owned by corporate insiders.

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

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of research analyst reports. Rothschild & Co Redburn boosted their target price on Coinbase Global from $254.00 to $263.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Cantor Fitzgerald boosted their price target on Coinbase Global from $221.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. increased their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. President Capital boosted their price objective on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Benchmark lowered their target price on Coinbase Global from $267.00 to $260.00 and set a "buy" rating for the company in a research note on Wednesday, May 6th. Nineteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $252.20.

Coinbase Global Company 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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