Proem Advisors LLC Invests $6.78 Million in Coinbase Global, Inc. $COIN

Key Points

• Proem Advisors LLC opened a new position in Coinbase Global during the fourth quarter, buying 30,000 shares worth about $6.78 million. The stake represents roughly 0.8% of the firm’s holdings and is its 17th-largest position.
• Several analysts recently cut their price targets on Coinbase, though most still have positive views overall. The consensus rating remains Hold with an average price target of $250.04.
• Coinbase’s latest quarterly results were weak, with earnings of -$1.49 per share and revenue of $1.41 billion, both below expectations. Revenue also fell 30.5% year over year, even as institutional ownership remains high at 68.84%.

Proem Advisors LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 30,000 shares of the cryptocurrency exchange's stock, valued at approximately $6,784,000. Coinbase Global comprises approximately 0.8% of Proem Advisors LLC's holdings, making the stock its 17th biggest holding.

Other large investors have also recently made changes to their positions in the company. REAP Financial Group LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $25,000. Palisade Asset Management LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $29,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $35,000. Cloud Capital Management LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $36,000. Finally, JPL Wealth Management LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $49,000. 68.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on COIN shares. HC Wainwright dropped their price target on Coinbase Global from $350.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday. Oppenheimer dropped their price target on Coinbase Global from $227.00 to $224.00 in a research report on Friday. Citizens Jmp dropped their price target on Coinbase Global from $400.00 to $355.00 and set a "market outperform" rating on the stock in a research report on Friday, April 10th. Needham & Company LLC dropped their price target on Coinbase Global from $230.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Sanford C. Bernstein dropped their price target on Coinbase Global from $440.00 to $330.00 and set an "outperform" rating on the stock in a research report on Monday, March 30th. Nineteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $250.04.

Coinbase Global Price Performance

COIN opened at $216.60 on Tuesday. The stock has a 50-day moving average price of $190.10 and a 200-day moving average price of $225.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market cap of $57.20 billion, a PE ratio of 81.43, a P/E/G ratio of 4.54 and a beta of 3.38. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion during 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 firm's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 2.78 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alesia J. Haas sold 10,020 shares of the company's 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 transaction, the chief financial officer directly owned 397,171 shares of the company's stock, valued at $79,434,200. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 29,990 shares of company stock worth $6,013,920 over the last 90 days. Corporate insiders own 16.66% of the company's stock.

More Coinbase Global News

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

• Positive Sentiment: Coinbase backed Centrifuge’s tokenization rollout on Base with a multimillion-dollar investment, signaling continued support for expanding real-world asset activity on its Layer-2 network. Coinbase Backs Centrifuge Tokenization Rollout on Base
• Positive Sentiment: Bitcoin hovering near key levels keeps attention on the broader crypto market, which can lift Coinbase sentiment because trading activity on the platform is closely tied to crypto prices and volumes. Bitcoin Stalls Near $80,000, But These 6 Factors Could Change That Soon
• Neutral Sentiment: Coverage of the CLARITY Act suggests the crypto market structure bill could advance if more Senate Democrats support it, which would be a long-term positive for Coinbase if it improves regulatory clarity. 7 Democrats seen as ‘key’ to advancing CLARITY Act: Galaxy
• Neutral Sentiment: Coinbase, Kraken, and Gemini are pushing back on proposed Senate listing rules, indicating the regulatory debate is still unresolved and could affect exchange operations and token listings. Coinbase, Kraken & Gemini Push Back on Senate Crypto Listing Rules
• Negative Sentiment: Several analysts lowered price targets on Coinbase, including Robert W. Baird, Deutsche Bank, Oppenheimer, and Monness Crespi & Hardt, reflecting caution after recent operating trends. Robert W. Baird Lowers Coinbase Global Price Target to $160.00
• Negative Sentiment: Recent commentary also highlighted Coinbase’s revenue decline and weaker earnings results, which continue to weigh on investor confidence despite the stock’s recent rebound. Coinbase Global Stock Up 7.7%

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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