DNB Asset Management AS Sells 25,428 Shares of Coinbase Global, Inc. $COIN

Key Points

• DNB Asset Management AS cut its Coinbase stake by 33.8% in the fourth quarter, selling 25,428 shares and leaving it with 49,787 shares worth about $11.26 million.
• Coinbase’s latest earnings missed expectations, posting a loss of $1.49 per share versus the $0.06 profit analysts expected, while revenue of $1.41 billion also came in below estimates and fell 30.5% year over year.
• Institutional ownership remains high, with funds like Vanguard, Northern Trust, and Baillie Gifford holding large positions; meanwhile, analysts are mixed, with a consensus rating of “Hold” and a price target of $252.20.

DNB Asset Management AS trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 33.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,787 shares of the cryptocurrency exchange's stock after selling 25,428 shares during the quarter. DNB Asset Management AS's holdings in Coinbase Global were worth $11,259,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange's stock worth $5,970,285,000 after acquiring an additional 184,043 shares during the last quarter. Northern Trust Corp grew its holdings in Coinbase Global by 5.9% during the 3rd quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange's stock worth $661,437,000 after acquiring an additional 108,751 shares during the last quarter. Legal & General Group Plc grew its holdings in Coinbase Global by 5.0% during the 3rd quarter. Legal & General Group Plc now owns 1,193,784 shares of the cryptocurrency exchange's stock worth $402,890,000 after acquiring an additional 57,164 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Coinbase Global by 41.1% during the 4th quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange's stock worth $187,488,000 after acquiring an additional 241,659 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Coinbase Global by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 783,273 shares of the cryptocurrency exchange's stock worth $264,320,000 after acquiring an additional 8,636 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $195.43 on Monday. The company has a market capitalization of $51.49 billion, a P/E ratio of 73.47, a price-to-earnings-growth ratio of 7.12 and a beta of 3.38. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34. The company's 50 day moving average price is $191.39 and its 200-day moving average price is $221.24.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its 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). Coinbase Global had a net margin of 12.20% and a return on equity of 4.06%. 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 previous year, the firm earned $0.24 EPS. The firm's revenue was down 30.5% on a year-over-year basis. Equities analysts forecast that Coinbase Global, Inc. will post 1.75 earnings per share for the current year.

Insider Activity

In related news, CFO Alesia J. Haas sold 10,020 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the transaction, the chief financial officer owned 397,171 shares in the company, valued at $79,434,200. The trade was a 2.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 29,990 shares of company stock worth $6,013,920. 16.66% of the stock is owned by insiders.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase benefited earlier in the week from the Senate Banking Committee advancing the CLARITY Act, which could create a more favorable regulatory backdrop for crypto trading and adoption. Coinbase, Robinhood Stocks Lose Momentum After Big Crypto Bill Win
• Positive Sentiment: Rothschild & Co Redburn raised its price target on Coinbase to $263 and kept a buy rating, signaling continued analyst confidence in the stock. Coinbase Global Price Target Raised to $263.00 at Rothschild & Co Redburn
• Neutral Sentiment: Coinbase expanded its role in the Hyperliquid ecosystem by becoming the official USDC treasury deployer, highlighting growing stablecoin and onchain trading activity. Coinbase Expands USDC Push On Hyperliquid As Onchain Trading Liquidity Accelerates
• Negative Sentiment: Crypto stocks are losing momentum after an initial rally faded, with investors pulling back amid macro uncertainty and doubts about sustained upside in digital assets. Why crypto stocks Coinbase, Robinhood, Strategy are sliding today
• Negative Sentiment: Some analysts say COIN still looks expensive after its recent run, with valuation concerns likely limiting near-term upside. COIN Stock Up 29% in 3 Months But Valuation Expensive: How to Play

Analyst Ratings Changes

COIN has been the topic of a number of research reports. Piper Sandler reduced their target price on shares of Coinbase Global from $180.00 to $170.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. President Capital boosted their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Oppenheimer dropped their price target on shares of Coinbase Global from $227.00 to $224.00 in a research report on Friday, May 8th. Benchmark dropped their price target on shares of Coinbase Global from $267.00 to $260.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Finally, China Renaissance dropped their price target on shares of Coinbase Global from $301.50 to $223.20 and set a "buy" rating on the stock in a research report on Monday, February 23rd. Nineteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and a consensus price target of $252.20.

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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