Coinbase Global, Inc. $COIN Shares Sold by KBC Group NV

Key Points

• KBC Group NV cut its Coinbase stake by 54.1% in the first quarter, selling 70,976 shares and leaving it with 60,300 shares worth about $10.5 million.
• Coinbase reported a weak latest quarter, posting EPS of -$1.49 versus the $0.06 consensus and revenue of $1.41 billion, which was below expectations and down 30.5% year over year.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $245.39, while Coinbase shares were trading around $166.12 and are well below their 52-week high.

KBC Group NV cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 54.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,300 shares of the cryptocurrency exchange's stock after selling 70,976 shares during the period. KBC Group NV's holdings in Coinbase Global were worth $10,529,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Palisade Asset Management LLC purchased a new position in Coinbase Global during the 3rd quarter worth approximately $29,000. MV Capital Management Inc. purchased a new stake in Coinbase Global in the fourth quarter valued at approximately $27,000. Osbon Capital Management LLC purchased a new stake in Coinbase Global in the fourth quarter valued at approximately $30,000. JPL Wealth Management LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $49,000. Finally, Brooklands Fund Management Ltd acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Analysts Set New Price Targets

COIN has been the topic of several research reports. B. Riley Financial lowered their price objective on shares of Coinbase Global from $243.00 to $203.00 and set a "neutral" rating on the stock in a research report on Monday, June 1st. JPMorgan Chase & Co. increased their price target 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. HC Wainwright lowered their price objective on Coinbase Global from $350.00 to $310.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $208.00 target price on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Oppenheimer cut their target price on Coinbase Global from $224.00 to $209.00 and set an "outperform" rating for the company in a research note on Thursday, July 16th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $245.39.

Coinbase Global Stock Down 5.5%

Shares of NASDAQ COIN opened at $166.12 on Thursday. The firm's 50-day moving average is $167.94 and its two-hundred day moving average is $185.46. The company has a market capitalization of $43.77 billion, a PE ratio of 62.45, a price-to-earnings-growth ratio of 11.34 and a beta of 3.35. Coinbase Global, Inc. has a 12-month low of $139.18 and a 12-month high of $405.31. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (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 company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company's revenue for the quarter was down 30.5% on a year-over-year basis. Equities analysts anticipate that Coinbase Global, Inc. will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 1,960 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the sale, the insider directly owned 84,753 shares in the company, valued at $14,991,110.64. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction 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 approximately $5,446,200. The trade was a 25.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 30,627 shares of company stock valued at $5,327,841. 16.66% of the stock is owned by insiders.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase is benefiting from renewed optimism around U.S. crypto legislation, with the CLARITY Act reportedly close to a Senate floor vote. CEO Brian Armstrong said the bill is ready for full Senate consideration, and advocacy group Stand With Crypto said supporters made 950,000 contacts with lawmakers, reinforcing hopes for clearer digital-asset rules. Article: 950K Contacts Back CLARITY Act as Coinbase CEO Says Bill Is Ready for Full Senate Vote
• Positive Sentiment: The SEC agreed to pay $150,000 to settle Coinbase’s FOIA lawsuit over lost agency messages, which is a symbolic legal win and supports Coinbase’s broader criticism of the regulator. Article: US SEC settles FOIA lawsuit with Coinbase over lost messages, WSJ op-ed says
• Positive Sentiment: Coinbase is also expanding its product vision, including tokenized equities and an “Everything Exchange” push in Canada, which could support long-term growth if regulators approve the rollout. Article: Coinbase Wants to Be Canada's One-Stop Shop for Stocks, Crypto and Prediction Markets
• Neutral Sentiment: Coinbase is being discussed more heavily by investors and media, but some of the coverage is commentary or interview-based rather than a direct business catalyst. Article: Coinbase's John D'Agostino on why tokenized equities could transform investing
• Negative Sentiment: Raymond James initiated coverage with a “Market Perform” rating, citing valuation concerns and limited upside. That lukewarm view weighed on Coinbase shares and likely contributed to today’s weakness. Article: Coinbase Settles Records Lawsuit With the SEC: $150,000 and a Retention Overhaul
• Negative Sentiment: Investors are also focusing on leadership turnover, after Coinbase’s chief legal officer said he will step down at the end of July, adding another layer of uncertainty. Article: Coinbase Global (COIN) Faces A Legal Shake Up, Is It Still A Bargain?

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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