Step Capital Management Pte. Ltd. Reduces Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Step Capital Management cut its Coinbase stake by 89% in the second quarter, selling 80,800 shares and retaining 10,000 shares valued at approximately $1.46 million.
• Institutional investors own 68.84% of Coinbase, while insiders sold 57,130 shares worth about $8.83 million over the past three months under pre-arranged trading plans.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $216.87 price target. Coinbase also missed quarterly earnings and revenue estimates, with revenue declining 18.5% year over year.

Step Capital Management Pte. Ltd. lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 89.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the cryptocurrency exchange's stock after selling 80,800 shares during the quarter. Coinbase Global makes up 0.3% of Step Capital Management Pte. Ltd.'s holdings, making the stock its 16th largest holding. Step Capital Management Pte. Ltd.'s holdings in Coinbase Global were worth $1,462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of COIN. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange's stock valued at $1,374,080,000 after purchasing an additional 189,080 shares during the period. Paradigm Operations LP increased its stake in Coinbase Global by 3.3% in the 4th quarter. Paradigm Operations LP now owns 4,262,458 shares of the cryptocurrency exchange's stock worth $963,912,000 after buying an additional 134,425 shares during the period. Norges Bank bought a new stake in Coinbase Global during the 4th quarter valued at about $656,744,000. ARK Investment Management LLC lifted its holdings in Coinbase Global by 6.1% during the 4th quarter. ARK Investment Management LLC now owns 2,541,928 shares of the cryptocurrency exchange's stock valued at $574,832,000 after buying an additional 146,388 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Coinbase Global by 5.9% in the 3rd quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange's stock valued at $661,437,000 after buying an additional 108,751 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer Jones sold 2,062 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $188.75, for a total transaction of $389,202.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 35,068 shares of the firm'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 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 sold 57,130 shares of company stock valued at $8,830,416. Corporate insiders own 16.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Argus restated a "hold" rating on shares of Coinbase Global in a research note on Wednesday, August 26th. Barclays dropped their price objective on Coinbase Global from $99.00 to $95.00 and set an "underweight" rating on the stock in a research note on Friday, July 31st. The Goldman Sachs Group lifted their target price on Coinbase Global from $173.00 to $196.00 and gave the company a "buy" rating in a research report on Tuesday, August 25th. President Capital upped their target price on Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $330.00 price target on shares of Coinbase Global in a research report on Friday, July 31st. Eighteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $216.87.

Coinbase Global Stock Performance

Shares of COIN stock opened at $184.64 on Friday. The firm has a market cap of $48.72 billion, a price-to-earnings ratio of -48.08 and a beta of 3.39. The company's 50 day moving average is $163.48 and its 200 day moving average is $175.53. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45. Coinbase Global, Inc. has a 52-week low of $139.11 and a 52-week high of $402.16.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.92). The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.29 billion. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The firm's quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.14 EPS. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post -0.39 EPS for the current fiscal year.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: U.S. equity perpetuals could expand revenue: Coinbase filed SEC notices covering plans to offer 24/7 single-stock perpetual futures to U.S. traders. The products could broaden Coinbase’s derivatives business and strengthen its “everything exchange” strategy, although Commodity Futures Trading Commission approval is still required and launch details remain undisclosed. Coinbase Brings 24/7 Stock Perpetuals to the US
• Positive Sentiment: International derivatives expansion: Coinbase launched regulated crypto derivatives trading in Canada, adding perpetual and dated contracts tied to major digital assets. The launch may increase trading volume, diversify revenue and support its global growth strategy. Can Canada's Derivatives Launch Boost Coinbase's Global Growth?
• Positive Sentiment: Crypto-policy optimism remains supportive: Investors continue to watch potential U.S. crypto market-structure legislation, including a Senate procedural vote expected September 15. Clearer rules could benefit Coinbase as a regulated exchange and custody provider.
• Neutral Sentiment: Board and investor-outreach updates: Coinbase added Anthony Armstrong, former CFO of xAI and X, to its board and plans appearances at upcoming Citi and Goldman Sachs conferences. These developments may provide strategic updates but do not change near-term earnings expectations.
• Negative Sentiment: Macro pressure on crypto assets: The hotter-than-expected jobs report increased the prospect of higher-for-longer interest rates, weighing on Bitcoin and other risk assets. Lower crypto prices and trading activity can reduce Coinbase’s transaction revenue, despite the possibility that higher rates support stablecoin income. Coinbase Slides as Hot Jobs Report Dents 10% Rally
• Negative Sentiment: Mixed analyst and insider signals: Zacks placed COIN on its “Strong Sell” list, while a director sold 10,000 shares for approximately $1.79 million under a pre-arranged Rule 10b5-1 plan. Coinbase also recently reported an earnings and revenue miss, with revenue down year over year. New Strong Sell Stocks for September 3rd

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.

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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