Public Employees Retirement System of Ohio acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 84,694 shares of the cryptocurrency exchange's stock, valued at approximately $12,381,000.
A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Coinbase Global during the fourth quarter valued at about $656,744,000. Capital World Investors boosted its holdings in shares of Coinbase Global by 847.2% in the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange's stock worth $347,472,000 after purchasing an additional 1,374,318 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Coinbase Global during the 2nd quarter valued at about $142,995,000. Southpoint Capital Advisors LP bought a new position in shares of Coinbase Global during the 1st quarter valued at about $104,766,000. Finally, Janus Henderson Group PLC raised its holdings in shares of Coinbase Global by 2,597.8% during the 4th 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 in the last quarter. 68.84% of the stock is owned by institutional investors.
Coinbase Global Price Performance
COIN opened at $178.64 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.42 and a quick ratio of 2.42. The stock's 50 day simple moving average is $160.42 and its 200 day simple moving average is $174.68. The firm has a market cap of $47.13 billion, a price-to-earnings ratio of -46.52 and a beta of 3.36. Coinbase Global, Inc. has a 1 year low of $139.11 and a 1 year high of $402.16.
Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm posted $5.14 EPS. The business's revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, analysts predict that Coinbase Global, Inc. will post -0.06 earnings per share for the current year.
Key Headlines Impacting Coinbase Global
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Bitcoin’s recovery could support Coinbase’s near-term activity. Bitcoin moved above $80,000, ETF inflows continued for nine consecutive days, and Bitcoin traded at a premium on Coinbase—signals of improving U.S. demand and potentially stronger trading volumes. Metaplanet also transferred approximately $108 million of Bitcoin to Coinbase Prime, highlighting institutional custody activity. Bitcoin Surges Past $80K
- Positive Sentiment: Analyst support and regulatory optimism are providing a counterweight. Goldman Sachs maintained its Buy rating and raised its Coinbase target, while growing support for the CLARITY Act could provide clearer rules for Coinbase’s exchange, custody, stablecoin and institutional businesses. Goldman Sachs Reiterates Buy Ratings
- Positive Sentiment: Coinbase’s diversification story is strengthening. Paid memberships reached a record, and the company is expanding into Bitcoin-backed mortgages with Better, tokenized stocks on Base and other blockchain-based financial services. These initiatives could reduce dependence on retail trading and create additional subscription, custody and infrastructure revenue. Paid Membership Set a Record
- Neutral Sentiment: CEO Brian Armstrong remains bullish on crypto’s long-term outlook. He said Bitcoin could reach as much as $400,000 by 2030 and described blockchain as an evolving part of the financial system. The comments support the long-term industry narrative but do not directly improve current earnings. Coinbase CEO on Bitcoin’s Long-Term Outlook
- Negative Sentiment: Crypto-market weakness hurt Coinbase’s core business in the second quarter. Total crypto market capitalization fell 11%, spot trading volumes declined 25% sequentially and Bitcoin prices dropped double digits. Coinbase reported revenue below expectations and a larger-than-expected per-share loss, with revenue down 18.5% year over year. Coinbase Q2 Revenue Fell
- Negative Sentiment: Additional uncertainty comes from insider selling and Armstrong’s potential California departure over a proposed wealth tax. The disclosed sale was made under a pre-arranged trading plan, but it may still weigh on sentiment, while the relocation issue introduces operational and political uncertainty.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on COIN. Compass Point restated a "sell" rating on shares of Coinbase Global in a research report on Monday, June 1st. Mizuho set a $155.00 price target on shares of Coinbase Global in a research report on Friday, July 31st. Sanford C. Bernstein restated an "outperform" rating and issued a $330.00 price objective on shares of Coinbase Global in a report on Friday, July 31st. JPMorgan Chase & Co. upped their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $300.00 target price on shares of Coinbase Global in a report on Friday, July 31st. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $215.90.
Check Out Our Latest Report on Coinbase Global
Insiders Place Their Bets
In other Coinbase Global news, Director Frederick R. Wilson sold 35,068 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $144.32, for a total value of $5,061,013.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,062 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $188.75, for a total value of $389,202.50. 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. Insiders have sold a total of 49,181 shares of company stock valued at $7,365,482 over the last quarter. 16.66% of the stock is currently owned by company insiders.
Coinbase Global Company Profile
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Free Report)
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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Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).
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.
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