SEB Asset Management AB Purchases New Stake in Coinbase Global, Inc. $COIN

Key Points

• SEB Asset Management AB disclosed a new stake in Coinbase Global, buying 42,228 shares valued at about $7.37 million in the first quarter.
• Coinbase’s latest earnings were weak, with EPS of -$1.49 versus a $0.06 estimate and revenue of $1.41 billion coming in below expectations, while revenue fell 30.5% year over year.
• Despite the earnings miss, analysts remain mixed but constructive overall: Coinbase has a consensus Hold rating and an average price target of $245.39, with recent commentary pointing to possible regulatory and crypto-market tailwinds.

SEB Asset Management AB acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 42,228 shares of the cryptocurrency exchange's stock, valued at approximately $7,373,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MV Capital Management Inc. bought a new position in shares of Coinbase Global in the 4th quarter valued at about $27,000. Palisade Asset Management LLC bought a new stake in shares of Coinbase Global during the third quarter worth approximately $29,000. Osbon Capital Management LLC bought a new stake in shares of Coinbase Global during the fourth quarter worth approximately $30,000. Archer Investment Corp lifted its holdings in Coinbase Global by 546.4% in the first quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange's stock valued at $32,000 after buying an additional 153 shares during the period. Finally, Brooklands Fund Management Ltd acquired a new position in Coinbase Global in the fourth quarter valued at approximately $34,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

Shares of COIN opened at $175.85 on Wednesday. The stock has a 50 day simple moving average of $168.65 and a 200 day simple moving average of $185.89. Coinbase Global, Inc. has a 52-week low of $139.18 and a 52-week high of $420.98. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The firm has a market capitalization of $46.33 billion, a PE ratio of 66.11, a P/E/G ratio of 10.35 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% 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 quarter last year, the business posted $0.24 earnings per share. Sell-side analysts predict that Coinbase Global, Inc. will post 1.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of analyst reports. Oppenheimer lowered their target price on shares of Coinbase Global from $224.00 to $209.00 and set an "outperform" rating for the company in a report on Thursday, July 16th. Rothschild & Co Redburn increased their price target on Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Bank of America reduced their price target on Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Wolfe Research set a $325.00 price objective on Coinbase Global in a research note on Thursday, July 9th. Finally, BTIG Research cut their target price on Coinbase Global from $280.00 to $260.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of "Hold" and a consensus target price of $245.39.

Key Coinbase Global News

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

• Positive Sentiment: Reports say lawmakers and the White House are moving toward an agreement on a crypto ethics provision, removing a key hurdle for the CLARITY Act and boosting sentiment for Coinbase and other crypto stocks. Coinbase Stock Is Rallying. Can Donald Trump’s Ethics Compromise Save the Clarity Act?
• Positive Sentiment: Scott Bessent said the legislation is at the “1-yard line,” adding to expectations that Congress may soon advance the bill and support a friendlier regulatory backdrop for Coinbase. Crypto market breakout could accelerate as AI trade cools, analyst says
• Positive Sentiment: Bitcoin’s move higher and a broader rebound in crypto-related stocks are lifting Coinbase, since its trading business tends to benefit when crypto prices and investor activity rise. Time for a crypto comeback? Traders bet that this stock will lead the way
• Positive Sentiment: Coinbase-backed Base is reportedly close to launching tokenized equities, a potential product expansion that could strengthen the company’s long-term platform story. Base’s 1:1-backed tokenized equities launch ‘imminent,’ Pollak says
• Neutral Sentiment: Some commentary suggests crypto may be nearing a bottom, which could help sentiment, but it is still only a broad market thesis rather than a company-specific catalyst. This Top Investment Firm Says the Crypto Market Is Nearing a Bottom. Here's What It Could Mean for Coinbase.
• Neutral Sentiment: CEO Brian Armstrong’s comments on inflation, Bitcoin mining, and meme-coin trading are mostly market commentary and brand visibility items, with limited direct near-term impact on Coinbase fundamentals. Coinbase CEO Brian Armstrong: Hash Power Doesn’t Determine Bitcoin’s Price
• Negative Sentiment: Prediction markets suggest Coinbase’s second-quarter trading volume could come in below some expectations, which would be a headwind if activity remains soft when earnings are reported. Coinbase trading results may fall short of expectations, according to prediction markets

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 6,616 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the sale, the insider directly owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. The sale 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, Director Frederick R. Wilson sold 10,000 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $159.09, for a total transaction of $1,590,900.00. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at $3,181,800. This represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 30,627 shares of company stock valued at $5,327,841. 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.

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