Simon Quick Advisors LLC Has $1.49 Million Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• Simon Quick Advisors LLC increased its Coinbase stake by 392.3% in the first quarter, ending with 8,527 shares worth about $1.49 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 68.84% of Coinbase shares after several firms boosted their positions.
• Coinbase reported a loss of $1.49 per share for the latest quarter, missing analyst expectations, while revenue of $1.41 billion also came in below estimates and was down 30.5% from a year earlier.

Simon Quick Advisors LLC lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 392.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,527 shares of the cryptocurrency exchange's stock after acquiring an additional 6,795 shares during the quarter. Simon Quick Advisors LLC's holdings in Coinbase Global were worth $1,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC increased its position in Coinbase Global by 565.7% in the 1st quarter. Cornerstone Planning Group LLC now owns 466 shares of the cryptocurrency exchange's stock worth $81,000 after purchasing an additional 396 shares during the last quarter. Townsend Asset Management Corp NC ADV grew its stake in shares of Coinbase Global by 150.7% in the 1st quarter. Townsend Asset Management Corp NC ADV now owns 25,465 shares of the cryptocurrency exchange's stock valued at $4,446,000 after buying an additional 15,306 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Coinbase Global by 158.7% in the 1st quarter. Bessemer Group Inc. now owns 4,328 shares of the cryptocurrency exchange's stock valued at $755,000 after buying an additional 2,655 shares in the last quarter. Independent Financial Group LLC acquired a new position in Coinbase Global in the first quarter worth approximately $1,051,000. Finally, D.A. Davidson & CO. increased its holdings in Coinbase Global by 28.7% in the first quarter. D.A. Davidson & CO. now owns 28,230 shares of the cryptocurrency exchange's stock worth $4,929,000 after buying an additional 6,298 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 2.1%

Shares of COIN stock opened at $157.12 on Friday. The stock's 50 day simple moving average is $170.41 and its 200 day simple moving average is $187.07. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $444.64. 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 company has a market capitalization of $41.39 billion, a price-to-earnings ratio of 59.07, a PEG ratio of 10.00 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) earnings per share (EPS) 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 the consensus estimate of $1.49 billion. During the same period in the previous year, the company earned $0.24 EPS. The firm's revenue for the quarter was down 30.5% compared to the same quarter last year. As a group, research analysts predict that Coinbase Global, Inc. will post 1.41 EPS for the current year.

Insider Activity

In related news, Director Frederick R. Wilson sold 10,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $181.54, for a total transaction of $1,815,400.00. Following the completion of the sale, the director directly owned 30,000 shares of the company's stock, valued at approximately $5,446,200. This represents a 25.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% 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. In the last ninety days, insiders sold 30,627 shares of company stock worth $5,327,841. 16.66% of the stock is owned by company insiders.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase continues to benefit from progress on U.S. crypto regulation, including movement on the CLARITY Act and supportive comments from Coinbase policy leaders, which could improve long-term market structure and expand institutional adoption. Coinbase Policy Chief Calls CLARITY Act a ‘Dramatic Advance’: Here’s What Comes Next in the Senate
• Positive Sentiment: JPMorgan kept an Overweight rating on Coinbase even while cutting its price target, signaling that Wall Street still sees upside potential despite the pullback in expectations. JPMorgan slashes Coinbase price target
• Positive Sentiment: Coinbase joined a large stablecoin alliance and remains seen as a key player in new crypto payment and infrastructure initiatives, which could support future growth beyond spot trading. Coinbase Just Joined a 140-Company Stablecoin Alliance. Here's What It Means for the Stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on COIN shares. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $208.00 price objective on shares of Coinbase Global in a research report on Wednesday, June 17th. President Capital increased their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Piper Sandler cut their price target on shares of Coinbase Global from $170.00 to $155.00 and set a "neutral" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lifted 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, Robert W. Baird decreased their price objective on shares of Coinbase Global from $160.00 to $142.00 and set a "neutral" rating for the company in a report on Friday, June 5th. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $245.39.

Coinbase Global Company 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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