Illinois Municipal Retirement Fund Sells 10,341 Shares of Coinbase Global, Inc. $COIN

Key Points

• Illinois Municipal Retirement Fund cut its Coinbase stake by 58.8% in Q1, selling 10,341 shares and leaving it with 7,246 shares worth about $1.265 million.
• Coinbase’s latest earnings were weaker than expected, with Q1 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% year over year.
• Despite the mixed fundamentals, institutional ownership remains high at 68.84%, and analysts are split on the stock with a consensus rating of “Hold” and an average price target of $245.39.

Illinois Municipal Retirement Fund trimmed its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 58.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,246 shares of the cryptocurrency exchange's stock after selling 10,341 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Coinbase Global were worth $1,265,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of COIN. North Dakota State Investment Board purchased a new stake in Coinbase Global in the 4th quarter valued at about $1,626,000. Mizuho Markets Cayman LP bought a new position in Coinbase Global in the 4th quarter worth about $33,921,000. Harvest Portfolios Group Inc. increased its position in shares of Coinbase Global by 21.7% during the fourth quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange's stock worth $85,159,000 after acquiring an additional 67,082 shares during the period. Axxcess Wealth Management LLC increased its position in shares of Coinbase Global by 303.6% during the fourth quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange's stock worth $4,594,000 after acquiring an additional 15,282 shares during the period. Finally, QRG Capital Management Inc. raised its stake in shares of Coinbase Global by 65.4% during the first quarter. QRG Capital Management Inc. now owns 24,102 shares of the cryptocurrency exchange's stock valued at $4,208,000 after acquiring an additional 9,532 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

Shares of COIN stock opened at $166.12 on Thursday. The firm has a market cap of $43.77 billion, a price-to-earnings ratio of 62.45, a PEG ratio of 11.34 and a beta of 3.35. Coinbase Global, Inc. has a 52-week low of $139.18 and a 52-week high of $405.31. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The company's 50 day moving average is $167.94 and its 200 day moving average is $185.46.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The company had revenue of $1.41 billion for 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 firm's quarterly revenue was down 30.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 1.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on COIN. Jefferies Financial Group boosted their price target on Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a report on Thursday, April 9th. Compass Point reaffirmed a "sell" rating on shares of Coinbase Global in a research report on Monday, June 1st. Mizuho upped their target price on Coinbase Global from $170.00 to $200.00 and gave the stock a "neutral" rating in a report on Tuesday, May 12th. Wolfe Research set a $325.00 price target on Coinbase Global in a research report on Thursday, July 9th. Finally, BTIG Research cut their price target on Coinbase Global from $280.00 to $260.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of "Hold" and an average target price of $245.39.

Coinbase Global News Summary

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

• Positive Sentiment: Coinbase is benefiting from renewed optimism around U.S. crypto legislation, with the CLARITY Act reportedly close to a Senate floor vote. CEO Brian Armstrong said the bill is ready for full Senate consideration, and advocacy group Stand With Crypto said supporters made 950,000 contacts with lawmakers, reinforcing hopes for clearer digital-asset rules. Article: 950K Contacts Back CLARITY Act as Coinbase CEO Says Bill Is Ready for Full Senate Vote
• Positive Sentiment: The SEC agreed to pay $150,000 to settle Coinbase’s FOIA lawsuit over lost agency messages, which is a symbolic legal win and supports Coinbase’s broader criticism of the regulator. Article: US SEC settles FOIA lawsuit with Coinbase over lost messages, WSJ op-ed says
• Positive Sentiment: Coinbase is also expanding its product vision, including tokenized equities and an “Everything Exchange” push in Canada, which could support long-term growth if regulators approve the rollout. Article: Coinbase Wants to Be Canada's One-Stop Shop for Stocks, Crypto and Prediction Markets
• Neutral Sentiment: Coinbase is being discussed more heavily by investors and media, but some of the coverage is commentary or interview-based rather than a direct business catalyst. Article: Coinbase's John D'Agostino on why tokenized equities could transform investing
• Negative Sentiment: Raymond James initiated coverage with a “Market Perform” rating, citing valuation concerns and limited upside. That lukewarm view weighed on Coinbase shares and likely contributed to today’s weakness. Article: Coinbase Settles Records Lawsuit With the SEC: $150,000 and a Retention Overhaul
• Negative Sentiment: Investors are also focusing on leadership turnover, after Coinbase’s chief legal officer said he will step down at the end of July, adding another layer of uncertainty. Article: Coinbase Global (COIN) Faces A Legal Shake Up, Is It Still A Bargain?

Insider Buying and Selling

In related news, insider Lawrence J. Brock sold 6,616 shares of the company's stock in a transaction 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 directly owned 517 shares in the company, valued at $97,718.17. This represents a 92.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $181.54, for a total value of $1,815,400.00. Following the sale, the director directly owned 30,000 shares in the company, valued at approximately $5,446,200. The trade was a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 30,627 shares of company stock valued at $5,327,841. 16.66% of the stock is currently owned by insiders.

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.

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.