New York State Teachers Retirement System Has $27.88 Million Holdings in Coinbase Global, Inc. $COIN

Key Points

• New York State Teachers Retirement System cut its Coinbase stake by 8.6% in the first quarter, ending with 159,655 shares valued at about $27.88 million.
• Coinbase reported a weak first-quarter earnings update, posting a loss of $1.49 per share and revenue of $1.41 billion, both below analyst expectations. Revenue also fell 30.5% from a year earlier.
• Despite recent pressure, institutional ownership remains high at 68.84%, and analysts are mixed: the stock’s consensus rating is Hold with an average price target of $250.65.

New York State Teachers Retirement System decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 159,655 shares of the cryptocurrency exchange's stock after selling 14,929 shares during the quarter. New York State Teachers Retirement System owned 0.06% of Coinbase Global worth $27,877,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Coinbase Global in the fourth quarter worth approximately $656,744,000. Capital World Investors boosted its position in shares of Coinbase Global by 847.2% during the fourth quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange's stock valued at $347,472,000 after buying an additional 1,374,318 shares during the last quarter. Ruffer LLP purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $166,515,000. Janus Henderson Group PLC boosted its position in shares of Coinbase Global by 2,597.8% during the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange's stock valued at $124,221,000 after buying an additional 528,943 shares during the last quarter. Finally, Cria Inc. bought a new stake in Coinbase Global during the fourth quarter worth $111,184,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Performance

COIN stock opened at $165.48 on Friday. 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 firm has a market cap of $43.60 billion, a PE ratio of 62.21, a P/E/G ratio of 5.84 and a beta of 3.35. The business has a 50 day moving average of $177.11 and a 200-day moving average of $192.84. Coinbase Global, Inc. has a 12-month low of $139.18 and a 12-month high of $444.64.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on COIN shares. Sanford C. Bernstein lowered their price target on Coinbase Global from $440.00 to $330.00 and set an "outperform" rating for the company in a research report on Monday, March 30th. BTIG Research reaffirmed a "buy" rating and set a $280.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Compass Point reiterated a "sell" rating on shares of Coinbase Global in a research note on Monday, June 1st. Benchmark reiterated a "buy" rating and issued a $270.00 target price on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, HC Wainwright lowered their target price on shares of Coinbase Global from $350.00 to $310.00 and set a "buy" rating for the company in a report on Friday, May 8th. 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 stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $250.65.

Insider Activity

In other news, CAO Jennifer N. Jones sold 2,051 shares of Coinbase Global stock in a transaction on Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the sale, the insider owned 517 shares in the company, valued at $97,718.17. The trade was a 92.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 30,647 shares of company stock worth $5,740,941. 16.66% of the stock is owned by insiders.

More Coinbase Global News

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

• Positive Sentiment: CEO Brian Armstrong has been highlighting progress on the Bitcoin Clarity Act and pushing for clearer U.S. crypto rules, which could help Coinbase if regulators create a more favorable operating environment. Coinbase Global Stock (COIN) Opinions on Regulatory Clarity and Market Pressures
• Positive Sentiment: Coinbase is being mentioned alongside major institutions in new blockchain and stablecoin initiatives, including Morpho’s $175 million funding round and a global stablecoin effort with Visa, Mastercard, and BNY, reinforcing Coinbase’s relevance in crypto infrastructure. Morpho Secures $175M Funding from Paradigm and a16z to Scale Blockchain Credit Infrastructure Global Stablecoin Initiative Launched by Visa, Mastercard, BNY, Coinbase, Others
• Positive Sentiment: Some analysts and market commentators continue to frame Coinbase as a core crypto infrastructure play, with recent buy ratings and price targets still implying meaningful upside versus the current share price. COIN Vs. MSTR: Buy Coinbase for Pure Exchange Fees and Structural Infrastructure Moats
• Neutral Sentiment: Crypto-linked stocks are seeing a broader bounce, and Coinbase is participating in the move, but the setup looks more like sector sympathy than a company-specific catalyst. Robinhood Jumps 6% on Bullish Analyst Initiations as Coinbase, Strategy Ride a Crypto-Stock Bounce
• Negative Sentiment: Coinbase’s latest reported quarterly revenue fell 30.5% year over year, and the company missed earnings and revenue expectations, which keeps pressure on the stock’s valuation. Coinbase Global Stock Performance
• Negative Sentiment: Insider activity remains a headwind, with 61 insider sales and no insider purchases over the past six months, which may be weighing on investor sentiment. Coinbase Global Stock (COIN) Opinions on Regulatory Clarity and Market Pressures
• Negative Sentiment: Technical commentary in the latest discussion notes repeated tests of support levels, with traders warning that a breakdown could send shares lower. Coinbase Global Stock (COIN) Opinions on Regulatory Clarity and Market Pressures

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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