Geode Capital Management LLC Buys 189,080 Shares of Coinbase Global, Inc. $COIN

Key Points

• Geode Capital Management boosted its Coinbase stake by 3.2% in the fourth quarter, buying 189,080 more shares and bringing its total holdings to 6.1 million shares worth about $1.37 billion.
• Coinbase’s latest quarterly results were well below expectations, with EPS of -$1.49 versus a $0.06 estimate and revenue of $1.41 billion versus $1.49 billion expected. Revenue also fell 30.5% from a year earlier.
• Analysts remain mixed on the stock: the current consensus rating is Hold, with an average price target of $252.10, while recent insider sales and institution activity show continued investor attention.

Geode Capital Management LLC increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,098,062 shares of the cryptocurrency exchange's stock after buying an additional 189,080 shares during the period. Geode Capital Management LLC owned 2.26% of Coinbase Global worth $1,374,080,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange's stock valued at $5,970,285,000 after purchasing an additional 184,043 shares in the last quarter. Northern Trust Corp increased its stake in shares of Coinbase Global by 5.9% during the third quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange's stock valued at $661,437,000 after purchasing an additional 108,751 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Coinbase Global by 1.4% during the fourth quarter. Legal & General Group Plc now owns 1,210,082 shares of the cryptocurrency exchange's stock valued at $273,648,000 after purchasing an additional 16,298 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of Coinbase Global by 41.1% during the fourth quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange's stock valued at $187,488,000 after purchasing an additional 241,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Coinbase Global by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 783,273 shares of the cryptocurrency exchange's stock valued at $264,320,000 after purchasing an additional 8,636 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

COIN stock opened at $182.25 on Friday. The stock has a market capitalization of $48.02 billion, a PE ratio of 68.52, a price-to-earnings-growth ratio of 6.13 and a beta of 3.38. Coinbase Global, Inc. has a 12-month low of $139.36 and a 12-month high of $444.64. The company has a current ratio of 2.14, a quick ratio of 2.34 and a debt-to-equity ratio of 0.44. The stock's 50 day simple moving average is $188.86 and its 200 day simple moving average is $212.34.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business's revenue was down 30.5% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. As a group, research analysts forecast that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the sale, the chief financial officer directly owned 397,171 shares in the company, valued at $79,434,200. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global stock in a transaction that occurred 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. This represents 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 have sold a total of 36,606 shares of company stock worth $7,264,410 in the last 90 days. Company insiders own 16.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Monness Crespi & Hardt reaffirmed a "sell" rating and set a $110.00 target price (down from $115.00) on shares of Coinbase Global in a research note on Friday, May 8th. Needham & Company LLC decreased their target price on shares of Coinbase Global from $230.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Compass Point decreased their target price 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. Jefferies Financial Group raised their target price on shares of Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a research note on Thursday, April 9th. Finally, UBS Group set a $264.00 target price on shares of Coinbase Global in a research note on Friday, February 13th. Nineteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $252.10.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase expanded its institutional fiat infrastructure through a partnership with Standard Chartered, adding multi-currency funding and settlement rails for AUD, SGD, CAD, CHF, EUR and GBP. This could make it easier for global institutions to move money onto and off the platform, supporting trading volumes and Coinbase’s international growth. Coinbase, Standard Chartered Partner to Add 6 Currency Access
• Positive Sentiment: Coinbase’s Base network launched an AI-focused wallet integration tool that lets assistants like ChatGPT and Claude interact with crypto wallets and execute on-chain actions. Investors may view this as a new growth avenue tied to AI-enabled crypto usage. Base launches new tool to connect crypto wallets to AI agents
• Positive Sentiment: CEO Brian Armstrong said Coinbase’s new Direct Deposit feature is live, allowing users to route part of their paycheck directly into crypto purchases. That could improve customer engagement and make recurring buying easier. Brian Armstrong Says You Can Now Route Your Paycheck Directly To Coinbase For Automatic Crypto Investments
• Positive Sentiment: Goldman Sachs raised its price target on Coinbase and kept a buy rating, reinforcing the view that analysts still see meaningful upside from current levels. Goldman Sachs adjusts price target on Coinbase Global
• Neutral Sentiment: Some market commentary says Coinbase may still be range-bound and dependent on a stronger crypto market, so product news alone may not be enough to sustain momentum. Stock Of The Day: Is This The New Range For Coinbase
• Neutral Sentiment: Recent crypto headlines also point to weaker Bitcoin demand and negative Coinbase Premium readings, which could weigh on near-term trading activity. Sell in May and Walk Away” Plays Out as Bitcoin Flashes Bearish Signals
• Negative Sentiment: Insider Lawrence J. Brock sold shares under a pre-arranged trading plan, which may still be read cautiously by investors even though it does not necessarily signal a change in fundamentals. Coinbase insider trade filing

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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