OP Asset Management Ltd Invests $6.47 Million in Coinbase Global, Inc. $COIN

Key Points

• OP Asset Management bought a new stake in Coinbase Global during the first quarter, purchasing 37,052 shares valued at about $6.47 million.
• Hedge fund and institutional ownership remains substantial, with 68.84% of Coinbase stock held by hedge funds and other institutional investors.
• Coinbase’s recent earnings were weak, as the company reported a loss of $1.49 per share on revenue of $1.41 billion, missing analyst expectations and coming in well below the prior year’s results.

OP Asset Management Ltd bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 37,052 shares of the cryptocurrency exchange's stock, valued at approximately $6,470,000.

A number of other hedge funds have also recently modified their holdings of the stock. MV Capital Management Inc. purchased a new stake in Coinbase Global in the fourth quarter valued at $27,000. Palisade Asset Management LLC purchased a new position in shares of Coinbase Global during the third quarter worth about $29,000. Osbon Capital Management LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth about $30,000. Brooklands Fund Management Ltd acquired a new stake in shares of Coinbase Global during the fourth quarter worth about $34,000. Finally, Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Coinbase Global during the third quarter worth about $35,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on COIN shares. Compass Point reissued a "sell" rating on shares of Coinbase Global in a report on Monday, June 1st. Jefferies Financial Group lifted their price target on Coinbase Global from $151.00 to $181.00 and gave the stock a "hold" rating in a research report on Thursday, April 9th. Rothschild & Co Redburn boosted their price objective on Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $208.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Bank of America lowered their target price on shares of Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $250.65.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 2,051 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction on Thursday, April 16th. 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 377,201 shares in the company, valued at approximately $75,440,200. This trade represents a 2.59% 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 three months, insiders have sold 30,647 shares of company stock valued at $5,740,941. Corporate insiders own 16.66% of the company's stock.

Trending Headlines about Coinbase Global

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

• Positive Sentiment: Coinbase CEO Brian Armstrong said the company is still open to more acquisitions after closing its $2.9 billion Deribit deal, signaling management may keep expanding the platform and adding new growth drivers. Coinbase Open To More Acquisitions After $2.9B Deribit Deal Closes, CEO Says
• Positive Sentiment: Coinbase opened its Luxembourg MiCA hub, giving it a regulated base to serve all 27 EU states and strengthening its international expansion strategy. Coinbase Opens Luxembourg MiCA Hub as Binance Races EU Deadline
• Positive Sentiment: Crypto-backed candidates supported by Fairshake and affiliates won key U.S. primaries, which could improve the odds of a friendlier regulatory environment for Coinbase and the broader crypto sector. Crypto-backed candidates notch wins in three US state primaries
• Neutral Sentiment: Short-interest data showed no meaningful change in available shares, so this update does not appear to provide a clear trading signal for the stock.
• Negative Sentiment: Bitcoin demand signals remain weak, with one analyst pointing to the Coinbase Premium as evidence of fading U.S. institutional demand, which can weigh on Coinbase shares. Bitcoin demand is gone for 46 days, here's what this analyst says investors should know
• Negative Sentiment: Several recent articles linked COIN’s weakness to broad crypto selling, softer trading volumes, and caution after the company’s weaker quarterly results and restructuring plan, all of which suggest near-term earnings pressure. Here's Why Coinbase Global, Inc. (COIN) Fell More Than Broader Market

Coinbase Global Stock Performance

Shares of COIN stock opened at $142.52 on Friday. The stock has a market capitalization of $37.55 billion, a PE ratio of 53.58, a price-to-earnings-growth ratio of 5.30 and a beta of 3.32. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The stock's 50-day moving average price is $182.68 and its 200 day moving average price is $197.20. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $0.24 earnings per share. The firm's revenue was down 30.5% compared to the same quarter last year. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 1.74 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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