Norges Bank Buys New Holdings in Coinbase Global, Inc. $COIN

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Coinbase, buying 2.9 million shares worth about $656.7 million, giving it roughly 1.08% of the company.
• Large institutional holders such as Vanguard, Geode Capital, and Baillie Gifford also increased their positions, and institutions now own about 68.84% of Coinbase shares.
• Coinbase recently reported a loss of $1.49 per share and revenue of $1.41 billion, both below expectations, even as analysts maintain a Hold consensus with a price target around $252.10.

Norges Bank bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,904,149 shares of the cryptocurrency exchange's stock, valued at approximately $656,744,000. Norges Bank owned about 1.08% of Coinbase Global as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Coinbase Global by 0.7% in 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 buying an additional 184,043 shares during the last quarter. Geode Capital Management LLC boosted its position in Coinbase Global by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange's stock valued at $1,374,080,000 after buying an additional 189,080 shares during the last quarter. Northern Trust Corp boosted its position in Coinbase Global by 5.9% in the third quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange's stock valued at $661,437,000 after buying an additional 108,751 shares during the last quarter. Legal & General Group Plc boosted its position in Coinbase Global by 1.4% in 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 buying an additional 16,298 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its position in Coinbase Global by 41.1% in the fourth quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange's stock valued at $187,488,000 after buying an additional 241,659 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Coinbase Global stock opened at $189.03 on Monday. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a 12 month low of $139.36 and a 12 month high of $444.64. The stock's 50 day simple moving average is $188.59 and its two-hundred day simple moving average is $211.43. The firm has a market cap of $49.80 billion, a PE ratio of 71.06, a P/E/G ratio of 6.67 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the prior year, the company posted $0.24 EPS. The company's revenue for the quarter was down 30.5% on a year-over-year basis. Analysts anticipate that Coinbase Global, Inc. will post 1.74 earnings per share for the current year.

Analyst Ratings Changes

COIN has been the topic of a number of recent research reports. Needham & Company LLC dropped their target price on Coinbase Global from $230.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Rothschild & Co Redburn upped their target price on Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. China Renaissance dropped their target price on Coinbase Global from $301.50 to $223.20 and set a "buy" rating on the stock in a research report on Monday, February 23rd. Compass Point dropped their target price on Coinbase Global from $190.00 to $140.00 and set a "sell" rating on the stock in a research report on Friday, February 20th. Finally, Weiss Ratings upgraded Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Nineteen equities 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 stock. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and a consensus price target of $252.10.

Key Headlines Impacting Coinbase Global

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.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the sale, the insider owned 84,753 shares in the company, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 517 shares of the company's stock, valued at approximately $97,718.17. The trade was a 92.75% decrease in their ownership of the stock. 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 90 days, insiders have sold 38,566 shares of company stock worth $7,611,095. Corporate insiders own 16.66% of the company's stock.

About Coinbase Global

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.