National Pension Service Cuts Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• National Pension Service cut its Coinbase stake by 34.2% in the fourth quarter, selling 154,619 shares and leaving it with 298,117 shares valued at about $67.4 million.
• Coinbase reported a weaker-than-expected quarter, posting EPS of -$1.49 versus the $0.06 estimate and revenue of $1.41 billion versus $1.49 billion expected. Revenue also fell 30.5% year over year.
• Despite mixed sentiment, analysts remain divided: the stock has a consensus rating of “Hold,” with 19 Buy ratings, 11 Hold ratings and 3 Sell ratings, and a consensus target price of $252.10.

National Pension Service lowered its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 34.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 298,117 shares of the cryptocurrency exchange's stock after selling 154,619 shares during the quarter. National Pension Service owned 0.11% of Coinbase Global worth $67,416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of COIN. REAP Financial Group LLC purchased a new stake in shares of Coinbase Global during the third quarter worth $25,000. Palisade Asset Management LLC purchased a new stake in shares of Coinbase Global during the third quarter worth $29,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Coinbase Global during the third quarter worth $35,000. Stephens Consulting LLC increased its position in shares of Coinbase Global by 99.0% during the fourth quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange's stock worth $45,000 after acquiring an additional 100 shares during the period. Finally, Legacy Wealth Managment LLC ID increased its position in shares of Coinbase Global by 728.0% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 207 shares of the cryptocurrency exchange's stock worth $47,000 after acquiring an additional 182 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $189.03 on Friday. 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 firm has a fifty day moving average price of $188.59 and a 200 day moving average price of $212.18. The company has a market cap of $49.80 billion, a P/E ratio of 71.06, a PEG ratio of 6.67 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.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates 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 for the quarter was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Lawrence J. Brock sold 6,616 shares of the company's stock in a transaction on Friday, May 22nd. The shares were 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 in the company, valued at $97,718.17. This represents a 92.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were 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. This represents a 2.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 38,566 shares of company stock worth $7,611,095 over the last 90 days. Corporate insiders own 16.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on COIN. HC Wainwright cut their price objective on Coinbase Global from $350.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. The Goldman Sachs Group boosted their target price on shares of Coinbase Global from $226.00 to $228.00 and gave the stock a "buy" rating in a research note on Thursday. BTIG Research lowered their target price on shares of Coinbase Global from $340.00 to $280.00 and set a "buy" rating for the company in a research note on Friday, February 13th. China Renaissance lowered their target price on shares of Coinbase Global from $301.50 to $223.20 and set a "buy" rating for the company in a research note on Monday, February 23rd. Finally, Mizuho boosted their target price on shares of Coinbase Global from $170.00 to $200.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 12th. Nineteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of "Hold" and a consensus target price of $252.10.

Coinbase Global News Roundup

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.

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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