Coinbase Global, Inc. $COIN Stake Lowered by Amova Asset Management Americas Inc.

Key Points

• Amova Asset Management Americas Inc. cut its Coinbase stake by 7.7% in the first quarter, selling 132,046 shares. It still holds 1.59 million shares worth about $277.4 million, making Coinbase its sixth-largest holding.
• Coinbase reported weaker-than-expected quarterly results, with EPS of -$1.49 versus a forecast of $0.06 and revenue of $1.41 billion versus $1.49 billion expected. Revenue also fell 30.5% year over year, underscoring pressure on the business.
• Despite mixed fundamentals, analyst sentiment remains split: several firms recently adjusted targets and ratings, while Wall Street’s overall average rating is “Hold” with a $245.39 price target. Institutional ownership is also high, at about 68.84% of shares.

Amova Asset Management Americas Inc. lessened its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,589,152 shares of the cryptocurrency exchange's stock after selling 132,046 shares during the period. Coinbase Global accounts for approximately 3.9% of Amova Asset Management Americas Inc.'s investment portfolio, making the stock its 6th biggest holding. Amova Asset Management Americas Inc. owned approximately 0.60% of Coinbase Global worth $277,418,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC grew its position in shares of Coinbase Global by 24.2% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock valued at $365,000 after buying an additional 413 shares during the last quarter. Empowered Funds LLC lifted its position in Coinbase Global by 25.8% in the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock valued at $1,478,000 after acquiring an additional 1,761 shares during the last quarter. Focus Partners Wealth boosted 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 valued at $896,000 after acquiring an additional 467 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Coinbase Global in the second quarter valued at $285,000. Finally, Cerity Partners LLC grew its holdings in shares of Coinbase Global by 8.6% during 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 owned by institutional investors and hedge funds.

Coinbase Global Stock Up 2.1%

Shares of Coinbase Global stock opened at $160.43 on Tuesday. The company has a market cap of $42.27 billion, a P/E ratio of 60.31, a PEG ratio of 10.14 and a beta of 3.35. Coinbase Global, Inc. has a one year low of $139.18 and a one year high of $436.38. The firm has a fifty day moving average of $169.28 and a two-hundred day moving average of $186.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business earned $0.24 EPS. Coinbase Global's revenue for the quarter was down 30.5% on a year-over-year basis. On average, analysts forecast that Coinbase Global, Inc. will post 1.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 1,960 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 84,753 shares of the company's stock, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of Coinbase Global stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. 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 quarter, insiders sold 30,627 shares of company stock valued at $5,327,841. Corporate insiders own 16.66% of the company's stock.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: Coinbase vice chair Ryan VanGrack said Senate negotiators added stronger consumer protections to the CLARITY Act, which could improve the odds of crypto market-structure legislation passing and create a more favorable regulatory backdrop for Coinbase. Article: Democrats added certain consumer protection rules to CLARITY: Coinbase exec
• Positive Sentiment: Multiple headlines featured Coinbase CEO Brian Armstrong defending Bitcoin’s long-term durability and dismissing concerns about miners shifting energy use to AI, which can reinforce Coinbase’s image as a leading crypto industry voice. Article: Coinbase CEO Brian Armstrong: Hash Power Doesn’t Determine Bitcoin’s Price
• Neutral Sentiment: Armstrong also said Bitcoin is likely to remain a long-term gauge of inflation fears and commented that stablecoins, not Bitcoin, have best fulfilled Satoshi’s payments vision; this keeps Coinbase in the center of the crypto narrative but is not a direct business catalyst. Article: Coinbase CEO Brian Armstrong Says Bitcoin Will 'Mostly' Be a Measure of Inflation Fears in the Long Term
• Neutral Sentiment: Coinbase shares also got a routine lift from broad market movement, with recent coverage noting the stock outperformed a down market session. Article: Coinbase Global, Inc. (COIN) Ascends While Market Falls: Some Facts to Note
• Negative Sentiment: Prediction markets suggested Coinbase’s second-quarter trading volume may come in below analyst expectations, renewing concern that weaker crypto activity could pressure transaction revenue. Article: Coinbase trading results may fall short of expectations, according to prediction markets
• Negative Sentiment: Another piece argued Coinbase’s Base strategy showed the company may be building for an older crypto cycle, hinting at product and strategic execution risks. Article: Coinbase’s big Base mistake offers an important lesson for the crypto industry

Wall Street Analyst Weigh In

A number of analysts have recently commented on COIN shares. Weiss Ratings upgraded Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 29th. Piper Sandler decreased their target price on Coinbase Global from $170.00 to $155.00 and set a "neutral" rating for the company in a research report on Wednesday, July 15th. KeyCorp restated a "sector weight" rating on shares of Coinbase Global in a research note on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $208.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. boosted their price objective on Coinbase Global from $252.00 to $290.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Eighteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and an average target price of $245.39.

Coinbase Global 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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