Fideuram Intesa Sanpaolo Private Banking S.P.A. Purchases New Position in Coinbase Global, Inc. $COIN

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Coinbase Global during the fourth quarter, buying 40,675 shares valued at about $9.2 million.
• Coinbase continues to attract institutional interest, with several other large investors also increasing their holdings and institutions now owning 68.84% of the company.
• The stock has been volatile: Coinbase shares recently traded around $193.45, while the company is still digesting a weak earnings report that missed estimates on both EPS and revenue.

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 40,675 shares of the cryptocurrency exchange's stock, valued at approximately $9,198,000.

A number of other large investors also recently bought and sold shares of the business. West Family Investments Inc. raised its stake in Coinbase Global by 3.3% in the third quarter. West Family Investments Inc. now owns 1,029 shares of the cryptocurrency exchange's stock worth $347,000 after buying an additional 33 shares in the last quarter. Forvis Mazars Wealth Advisors LLC raised its stake in Coinbase Global by 3.4% in the third quarter. Forvis Mazars Wealth Advisors LLC now owns 1,040 shares of the cryptocurrency exchange's stock worth $351,000 after buying an additional 34 shares in the last quarter. Waterfront Wealth Inc. raised its stake in Coinbase Global by 4.8% in the third quarter. Waterfront Wealth Inc. now owns 760 shares of the cryptocurrency exchange's stock worth $241,000 after buying an additional 35 shares in the last quarter. Howard Capital Management Inc. raised its stake in Coinbase Global by 2.9% in the third quarter. Howard Capital Management Inc. now owns 1,284 shares of the cryptocurrency exchange's stock worth $433,000 after buying an additional 36 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in Coinbase Global by 1.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 2,913 shares of the cryptocurrency exchange's stock worth $983,000 after buying an additional 37 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $193.45 on Wednesday. The business's fifty day simple moving average is $190.99 and its 200-day simple moving average is $218.98. The company has a market cap of $50.97 billion, a PE ratio of 72.73, a PEG ratio of 6.90 and a beta of 3.38. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 12-month low of $139.36 and a 12-month high of $444.64.

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 the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.06%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company earned $0.24 earnings per share. Coinbase Global's revenue was down 30.5% on a year-over-year basis. Analysts expect that Coinbase Global, Inc. will post 1.75 earnings per share for the current fiscal year.

Trending Headlines about Coinbase Global

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

• Positive Sentiment: Investors are still focused on Coinbase as a potential beneficiary of crypto market structure reform, including the CLARITY Act and SEC moves that could expand tokenized stock trading and boost regulated crypto venues. Coinbase’s compliance-heavy model and derivatives business were highlighted as possible long-term strengths. Article Title
• Positive Sentiment: Coinbase also announced it will participate in the J.P. Morgan Global Technology, Media and Communications Conference, which can keep investor attention on management’s outlook and strategy. Article Title
• Neutral Sentiment: Broader crypto-related sentiment remains mixed: Bitcoin weakness has weighed on crypto-linked stocks, while some investors are rotating toward crypto companies with different business models and revenue exposure. Article Title
• Negative Sentiment: Sen. Elizabeth Warren criticized the OCC for allegedly allowing Coinbase and other crypto firms to operate with bank-like charters without proper safeguards, renewing regulatory overhang around Coinbase’s business model. Article Title
• Negative Sentiment: Warren also sent a formal letter accusing the OCC of illegally granting national trust charters to Coinbase and other crypto firms, asking for records by June 1, which could increase scrutiny and headline risk. Article Title

Insider Activity

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

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Coinbase Global from $225.00 to $231.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Coinbase Global from $206.00 to $205.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Compass Point reduced their price objective on shares of Coinbase Global from $190.00 to $140.00 and set a "sell" rating for the company in a research note on Friday, February 20th. Bank of America reduced their price target on Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Finally, China Renaissance reduced their price target on 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 equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of "Hold" and a consensus target price 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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