Eurizon Capital SGR S.p.A. Buys Shares of 70,105 Coinbase Global, Inc. $COIN

Key Points

• Eurizon Capital SGR S.p.A. disclosed a new fourth-quarter stake in Coinbase Global, buying 70,105 shares valued at about $15.86 million.
• Institutional interest in Coinbase remains broad, with hedge funds and other investors continuing to add or adjust positions; institutions now own 68.84% of the company.
• Coinbase’s recent operating results were weak, as it reported losses of $1.49 per share and revenue of $1.41 billion, both below analyst expectations, even as analysts still see upside with a consensus price target of $252.10.

Eurizon Capital SGR S.p.A. bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 70,105 shares of the cryptocurrency exchange's stock, valued at approximately $15,860,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. REAP Financial Group LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $25,000. Palisade Asset Management LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $29,000. Foster Dykema Cabot & Partners LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $35,000. JPL Wealth Management LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter valued at $49,000. Finally, GW&K Investment Management LLC lifted its holdings in shares of Coinbase Global by 32.2% during the 3rd quarter. GW&K Investment Management LLC now owns 152 shares of the cryptocurrency exchange's stock valued at $51,000 after purchasing an additional 37 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. President Capital increased their price objective on Coinbase Global from $236.00 to $264.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Jefferies Financial Group increased their price objective on Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a report on Thursday, April 9th. HC Wainwright decreased their price objective on Coinbase Global from $350.00 to $310.00 and set a "buy" rating for the company in a report on Friday, May 8th. Citigroup decreased their price objective on Coinbase Global from $505.00 to $400.00 and set a "buy" rating for the company in a report on Friday, February 6th. Finally, Bank of America decreased their price objective on Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Nineteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $252.10.

Coinbase Global Stock Performance

Shares of COIN stock opened at $189.03 on Monday. The firm has a market capitalization of $49.80 billion, a price-to-earnings ratio of 71.06, a price-to-earnings-growth ratio of 6.67 and a beta of 3.32. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The business has a fifty day moving average of $188.59 and a 200 day moving average of $211.43. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued 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). The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business's revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. As a group, research analysts expect that Coinbase Global, Inc. will post 1.74 earnings per share for the current year.

Coinbase Global News Summary

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

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

Insider Buying and Selling

In related news, insider Paul Grewal sold 1,960 shares of the firm'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 completion of the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the transaction, the insider owned 517 shares of the company's stock, valued at $97,718.17. This trade represents a 92.75% 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. Insiders sold 38,566 shares of company stock worth $7,611,095 in the last 90 days. Insiders own 16.66% of the company's stock.

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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