Coinbase Global, Inc. $COIN Shares Sold by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management cut its Coinbase stake by 86.1% in the fourth quarter, leaving it with 1,573 shares valued at about $356,000. Other institutional investors also made smaller changes, and institutions still own 68.84% of Coinbase.
• Wall Street sentiment remains mixed: analysts currently have an average “Hold” rating on Coinbase, with a consensus price target of $252.10. Recent updates included target cuts from Robert W. Baird and Barclays, while Wedbush maintained a $224 target and Deutsche Bank kept a buy rating.
• Coinbase reported a weaker-than-expected quarter, posting $(1.49) EPS versus estimates for a profit and revenue of $1.41 billion versus $1.49 billion expected. The company also saw insider selling, though recent news around regulated crypto derivatives could support future growth.

Jupiter Asset Management Ltd. lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 86.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,573 shares of the cryptocurrency exchange's stock after selling 9,724 shares during the period. Jupiter Asset Management Ltd.'s holdings in Coinbase Global were worth $356,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. REAP Financial Group LLC acquired a new position in shares of Coinbase Global in the third quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Coinbase Global in the third quarter valued at approximately $29,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Coinbase Global in the third quarter valued at approximately $35,000. Stephens Consulting LLC grew its holdings in shares of Coinbase Global by 99.0% in the fourth quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange's stock valued at $45,000 after purchasing an additional 100 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID grew its holdings in shares of Coinbase Global by 728.0% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 207 shares of the cryptocurrency exchange's stock valued at $47,000 after purchasing an additional 182 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Robert W. Baird dropped their price objective on shares of Coinbase Global from $200.00 to $160.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Barclays decreased their price target on shares of Coinbase Global from $140.00 to $107.00 and set an "underweight" rating for the company in a research note on Friday, May 8th. Wedbush set a $224.00 price target on shares of Coinbase Global in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Coinbase Global from $206.00 to $205.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Weiss Ratings upgraded shares of Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday. Nineteen equities 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $252.10.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $189.03 on Monday. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a 50 day moving average of $188.59 and a 200 day moving average of $211.43. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $49.80 billion, a P/E ratio of 71.06, a P/E/G ratio of 6.67 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. As a group, research analysts forecast that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 1,960 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the sale, the insider owned 84,753 shares in the company, valued at approximately $14,991,110.64. The trade was a 2.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the sale, the insider owned 517 shares of the company's stock, valued at $97,718.17. This represents a 92.75% decrease in their position. 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 quarter, insiders sold 38,566 shares of company stock worth $7,611,095. 16.66% of the stock is currently owned by insiders.

Coinbase Global News Summary

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

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

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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