HighTower Advisors LLC Raises Stake in Coinbase Global, Inc. $COIN

Key Points

• HighTower Advisors LLC increased its Coinbase stake by 9.7% in the fourth quarter, buying 9,365 more shares and bringing its total holdings to 105,761 shares worth about $23.9 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 68.84% of Coinbase’s stock. Several large firms also added positions recently, including Vanguard and new buyers such as Ruffer LLP and Artisan Partners.
• Coinbase shares were under pressure as crypto prices fell and market sentiment weakened, with the stock down 4.4% on the day. The company also reported a weak prior quarter, missing EPS and revenue estimates, though analysts remain mixed overall with an average “Hold” rating.

HighTower Advisors LLC boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,761 shares of the cryptocurrency exchange's stock after buying an additional 9,365 shares during the quarter. HighTower Advisors LLC's holdings in Coinbase Global were worth $23,917,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock valued at $8,847,905,000 after acquiring an additional 2,007,930 shares during the last quarter. Ruffer LLP purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $166,515,000. Artisan Partners Limited Partnership bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $224,663,000. Baillie Gifford & Co. bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $198,249,000. Finally, Anatole Investment Management Ltd purchased a new position in Coinbase Global in the second quarter valued at approximately $98,698,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Key Coinbase Global News

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

• Negative Sentiment: Bitcoin and Ethereum fell, weighing on crypto-related stocks and dragging Coinbase lower alongside other trading platforms like Robinhood. Coinbase and Other Crypto Stocks Are Falling. Several Possible Reasons for the Bad Day.
• Negative Sentiment: Crypto market sentiment has been hurt by Bitcoin slipping into the mid-$70,000s, a negative Coinbase premium, and reports of institutional selling and ETF outflows, all of which point to softer near-term trading volumes for Coinbase. Coinbase premium hits monthly low as institutional selling pressure mounts
• Neutral Sentiment: Coinbase continues to expand its product set, including launching perpetual-style equity index futures in June and supporting new stablecoin infrastructure, which could help diversify revenue over time. Traders Get AI, Defense, and China Perp Futures on Coinbase Starting June 8
• Neutral Sentiment: Management also highlighted AI-driven compliance improvements and faster resolution times, which is supportive for operating efficiency but not enough to offset the crypto selloff today. Coinbase CEO Brian Armstrong Says AI Is Doing 'Most Of The Heavy Lifting' In Compliance As Resolution Times Improve By 90%

Coinbase Global Trading Down 4.4%

NASDAQ:COIN opened at $184.99 on Friday. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64. The stock's fifty day moving average price is $190.49 and its two-hundred day moving average price is $216.73. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market cap of $48.74 billion, a P/E ratio of 69.55, a P/E/G ratio of 7.05 and a beta of 3.38.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share 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 company had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the firm posted $0.24 earnings per share. Coinbase Global's revenue for the quarter was down 30.5% compared to the same quarter last year. As a group, analysts expect that Coinbase Global, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the transaction, the chief financial officer owned 397,171 shares of the company's stock, valued at $79,434,200. The trade was a 2.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 29,990 shares of company stock valued at $6,013,920. 16.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on COIN. Wedbush set a $224.00 price objective on Coinbase Global in a report on Friday, May 8th. Weiss Ratings lowered Coinbase Global from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. Rothschild & Co Redburn upped their price target on Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. HC Wainwright cut their price target on Coinbase Global from $350.00 to $310.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Coinbase Global from $206.00 to $205.00 and set a "buy" rating for the company in a report on Friday, May 8th. Nineteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $252.20.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.