Coinbase Global, Inc. (NASDAQ:COIN) is Nikko Asset Management Americas Inc.'s 4th Largest Position

Key Points

• Nikko Asset Management Americas Inc. reduced its position in Coinbase Global by 3.1%, owning 2,353,499 shares, which constitutes about 5.1% of its holdings and makes Coinbase its 4th largest position.
• A significant number of institutional investors have changed their stakes in Coinbase, with firms like Norges Bank and Wellington Management Group making substantial new investments or increasing their positions in recent quarters.
• Coinbase reported earnings of $1.94 per share for the last quarter, missing analysts' expectations while showing a 24.2% increase in revenue compared to the same quarter a year prior.

Nikko Asset Management Americas Inc. reduced its position in Coinbase Global, Inc. (NASDAQ:COIN) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,353,499 shares of the cryptocurrency exchange's stock after selling 75,119 shares during the period. Coinbase Global makes up about 5.1% of Nikko Asset Management Americas Inc.'s holdings, making the stock its 4th biggest holding. Nikko Asset Management Americas Inc. owned approximately 0.93% of Coinbase Global worth $405,249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COIN. Norges Bank acquired a new stake in shares of Coinbase Global in the 4th quarter valued at about $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the 4th quarter valued at about $372,450,000. Two Sigma Advisers LP raised its stake in shares of Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after purchasing an additional 302,595 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Coinbase Global by 614.8% in the 4th quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange's stock valued at $85,253,000 after purchasing an additional 295,313 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $260.00 price objective (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. William Blair began coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating on the stock. JPMorgan Chase & Co. dropped their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Rosenblatt Securities raised their price target on shares of Coinbase Global from $300.00 to $470.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global has a consensus rating of "Moderate Buy" and a consensus target price of $320.06.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,208,340 shares of company stock worth $439,997,456 in the last quarter. Insiders own 17.65% of the company's stock.

Coinbase Global Trading Down 1.3%

Shares of NASDAQ:COIN opened at $391.66 on Friday. The firm has a fifty day moving average of $317.61 and a two-hundred day moving average of $255.95. The firm has a market capitalization of $99.43 billion, a P/E ratio of 73.34, a price-to-earnings-growth ratio of 30.24 and a beta of 3.70. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.53 EPS. On average, equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Coinbase Global Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.

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