Coinbase Global, Inc. $COIN Stock Position Reduced by Pacer Advisors Inc.

Key Points

• Pacer Advisors cut its Coinbase stake by 91.1% in the first quarter, selling 175,668 shares and retaining 17,107 shares valued at approximately $2.99 million. Other institutional investors made mixed moves, while institutions collectively own 68.84% of COIN.
• Wall Street sentiment remains mixed: 18 analysts rate Coinbase a Buy, 10 recommend Hold and four recommend Sell, producing an overall “Hold” rating and a consensus price target of $215.11.
• Coinbase’s latest quarter was weaker than expected, with a $1.36-per-share loss versus the $0.44 expected and revenue of $1.22 billion, down 18.5% year over year. Shares opened at $145.41, near the company’s 52-week low of $139.11.

Pacer Advisors Inc. lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 91.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,107 shares of the cryptocurrency exchange's stock after selling 175,668 shares during the quarter. Pacer Advisors Inc.'s holdings in Coinbase Global were worth $2,987,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in COIN. Integrated Wealth Concepts LLC raised its holdings in shares of Coinbase Global by 24.2% during the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock worth $365,000 after acquiring an additional 413 shares in the last quarter. Empowered Funds LLC boosted its position in Coinbase Global by 25.8% during the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock valued at $1,478,000 after purchasing an additional 1,761 shares during the last quarter. Focus Partners Wealth grew 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 purchasing an additional 467 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Coinbase Global in the second quarter valued at about $285,000. Finally, Cerity Partners LLC increased its position in Coinbase Global by 8.6% in the 2nd 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. Hedge funds and other institutional investors own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COIN. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $330.00 price target on shares of Coinbase Global in a research note on Friday, July 31st. KeyCorp reissued a "sector weight" rating on shares of Coinbase Global in a research note on Wednesday, June 17th. JPMorgan Chase & Co. increased their price objective on Coinbase Global from $252.00 to $290.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Compass Point reaffirmed a "sell" rating on shares of Coinbase Global in a research report on Monday, June 1st. Finally, Citigroup reiterated a "market outperform" rating on shares of Coinbase Global in a research note on Friday, July 31st. Eighteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus price target of $215.11.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase launched access to nearly 4,000 U.S. stocks for eligible U.K. customers, including fractional shares, zero-commission trading and funding through pounds or USDC. The move expands Coinbase beyond cryptocurrency trading and could create new revenue opportunities over time. Coinbase Brings Nearly 4,000 US Stocks to UK Users
• Positive Sentiment: Ark Invest, led by Cathie Wood, reportedly bought nearly $10 million of Coinbase and Circle shares after the recent crypto selloff. The purchases may signal confidence in COIN’s long-term valuation, although they do not change the company’s near-term fundamentals. Cathie Wood Buys the Dip in Coinbase and Circle
• Neutral Sentiment: Coinbase CEO Brian Armstrong continues lobbying for the CLARITY Act, which the company says would establish clearer crypto regulations. However, prediction-market odds and new Republican opposition suggest a vote or enactment this year is becoming less likely, delaying a potentially important regulatory catalyst. As Chance of Crypto Bill Vote Fades, Coinbase Stock Could Feel More Pain
• Negative Sentiment: Coinbase’s second-quarter results showed a $1.36 per-share loss versus the expected $0.44 loss, while revenue of $1.22 billion missed estimates and fell 18.5% year over year. The sharp reversal from a year-earlier profit reinforces concerns about crypto trading activity and earnings volatility. Coinbase Q2 Loss and Cathie Wood Buying
• Negative Sentiment: Zacks added COIN to its Rank #5 “Strong Sell” list, adding to bearish technical and fundamental sentiment. Separately, Cantor Fitzgerald lowered its Coinbase price target to $184, while a director sold 35,068 shares worth approximately $5.1 million under a pre-arranged Rule 10b5-1 plan. New Strong Sell Stocks for August 6th

Insider Buying and Selling

In other news, 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 transaction was disclosed in a document filed with the SEC, which is accessible 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 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 completion of the sale, the insider owned 517 shares of the company's stock, valued at $97,718.17. The trade was a 92.75% 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 65,695 shares of company stock worth $10,388,854 over the last ninety days. Company insiders own 16.66% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $145.41 on Friday. Coinbase Global, Inc. has a fifty-two week low of $139.11 and a fifty-two week high of $402.16. The business has a 50-day moving average of $160.66 and a two-hundred day moving average of $178.50. The stock has a market capitalization of $38.31 billion, a P/E ratio of -37.87, a P/E/G ratio of 42.15 and a beta of 3.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.42 and a quick ratio of 2.42.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the company posted $5.14 EPS. The business's revenue was down 18.5% on a year-over-year basis. On average, equities research analysts predict that Coinbase Global, Inc. will post -0.05 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

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.

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