North Dakota State Investment Board Takes Position in Coinbase Global, Inc. $COIN

Key Points

• North Dakota State Investment Board opened a new position in Coinbase Global during the fourth quarter, buying 7,192 shares worth about $1.63 million.
• Other institutional investors have also been active in COIN, and hedge funds and institutions now own 68.84% of the company’s stock, highlighting continued professional interest in the name.
• Coinbase faces a mixed backdrop: some investors are optimistic about crypto market reform, but the stock still carries regulatory scrutiny and recent earnings missed expectations, with quarterly EPS at -$1.49 versus a small profit estimate.

North Dakota State Investment Board acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,192 shares of the cryptocurrency exchange's stock, valued at approximately $1,626,000.

A number of other hedge funds have also made changes to their positions in COIN. Vanguard Group Inc. boosted its position in shares of Coinbase Global by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock valued at $8,847,905,000 after purchasing an additional 2,007,930 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at about $14,491,000. Artisan Partners Limited Partnership acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at about $224,663,000. Harvest Portfolios Group Inc. boosted its position in shares of Coinbase Global by 42.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 309,496 shares of the cryptocurrency exchange's stock valued at $104,452,000 after purchasing an additional 92,292 shares during the period. Finally, Rafferty Asset Management LLC lifted its position in Coinbase Global by 9.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 77,917 shares of the cryptocurrency exchange's stock worth $26,296,000 after acquiring an additional 7,017 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Trending Headlines about Coinbase Global

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

• Positive Sentiment: Investors are still focused on Coinbase as a potential beneficiary of crypto market structure reform, including the CLARITY Act and SEC moves that could expand tokenized stock trading and boost regulated crypto venues. Coinbase’s compliance-heavy model and derivatives business were highlighted as possible long-term strengths. Article Title
• Positive Sentiment: Coinbase also announced it will participate in the J.P. Morgan Global Technology, Media and Communications Conference, which can keep investor attention on management’s outlook and strategy. Article Title
• Neutral Sentiment: Broader crypto-related sentiment remains mixed: Bitcoin weakness has weighed on crypto-linked stocks, while some investors are rotating toward crypto companies with different business models and revenue exposure. Article Title
• Negative Sentiment: Sen. Elizabeth Warren criticized the OCC for allegedly allowing Coinbase and other crypto firms to operate with bank-like charters without proper safeguards, renewing regulatory overhang around Coinbase’s business model. Article Title
• Negative Sentiment: Warren also sent a formal letter accusing the OCC of illegally granting national trust charters to Coinbase and other crypto firms, asking for records by June 1, which could increase scrutiny and headline risk. Article Title

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent research reports. Monness Crespi & Hardt reaffirmed a "sell" rating and set a $110.00 price objective (down from $115.00) on shares of Coinbase Global in a research report on Friday, May 8th. Compass Point decreased their price objective on Coinbase Global from $190.00 to $140.00 and set a "sell" rating for the company in a research report on Friday, February 20th. Zacks Research raised Coinbase Global from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. The Goldman Sachs Group increased their price objective on Coinbase Global from $225.00 to $231.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Finally, UBS Group set a $264.00 price objective on Coinbase Global in a research report on Friday, February 13th. Nineteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $252.20.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction on 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 directly owned 397,171 shares of the company's stock, valued at approximately $79,434,200. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold 29,990 shares of company stock worth $6,013,920 over the last ninety days. Insiders own 16.66% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $193.45 on Wednesday. The company has a market cap of $50.97 billion, a price-to-earnings ratio of 72.73, a price-to-earnings-growth ratio of 6.90 and a beta of 3.38. The stock has a 50 day simple moving average of $190.99 and a 200-day simple moving average of $218.98. Coinbase Global, Inc. has a 12-month low of $139.36 and a 12-month high of $444.64. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The business 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 4.06% and a net margin of 12.20%.The business's quarterly revenue was down 30.5% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. On average, equities analysts forecast that Coinbase Global, Inc. will post 1.75 EPS for the current year.

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.

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