Sumitomo Mitsui Trust Group Inc. Lowers Holdings in Coinbase Global, Inc. $COIN

Key Points

• Sumitomo Mitsui Trust Group cut its Coinbase stake by 6.2% in the first quarter, though it still held about 2.07 million shares valued at roughly $361.2 million.
• Several other institutional investors increased their holdings, and 68.84% of Coinbase’s stock is now owned by hedge funds and other institutions, showing continued heavy institutional interest.
• Coinbase has had a mixed backdrop: it recently won U.K. authorization to offer equities and derivatives, but analysts and insiders have also highlighted pressure from crypto-market weakness and recent insider share sales.

Sumitomo Mitsui Trust Group Inc. lowered its position in Coinbase Global, Inc. (NASDAQ:COIN) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,068,710 shares of the cryptocurrency exchange's stock after selling 136,532 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.78% of Coinbase Global worth $361,217,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its stake in shares of Coinbase Global by 24.2% during the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock valued at $365,000 after buying an additional 413 shares during the period. Empowered Funds LLC raised its holdings in shares of Coinbase Global by 25.8% in the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock valued at $1,478,000 after acquiring an additional 1,761 shares in the last quarter. Focus Partners Wealth lifted its stake in Coinbase Global by 9.9% in the first quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange's stock worth $896,000 after acquiring an additional 467 shares during the period. Sivia Capital Partners LLC purchased a new stake in Coinbase Global in the second quarter worth about $285,000. Finally, Cerity Partners LLC boosted its stake in shares of Coinbase Global by 8.6% during the second quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange's stock valued at $6,203,000 after purchasing an additional 1,402 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase won U.K. authorization to offer equities and derivatives, expanding its platform beyond crypto and supporting its long-term growth strategy. Coinbase Global (COIN) Is Up 11.8% After Winning UK Approval To Trade Stocks And Derivatives
• Positive Sentiment: Coinbase added Wormhole to spot trading, showing continued exchange activity and keeping the company in the spotlight for new listings. Coinbase Adds Wormhole To Spot Trading As Solana Infrastructure Tokens Gain Visibility
• Positive Sentiment: Base, Coinbase’s layer-2 network, is seeing stronger DEX activity and new token-standard rollout, which could support ecosystem growth and trading volume. Base to activate B20 standard for stablecoins, RWAs and other tokens
• Neutral Sentiment: Analysts are previewing Coinbase’s upcoming quarterly earnings and expect strong year-over-year bottom-line growth, but results have not yet been reported. Coinbase Global Earnings Preview: What to Expect
• Negative Sentiment: Broader crypto weakness, including a Bitcoin selloff tied to geopolitical headlines, may be weighing on sentiment for Coinbase as a crypto-linked stock. Trump declares Iran ceasefire over; bitcoin and crypto markets drop
• Negative Sentiment: A Coinbase director sold 10,000 shares under a pre-arranged plan, which can still create a mild headwind for investor sentiment. Frederick Wilson Sells 10,000 Shares of Coinbase Global NASDAQ: COIN Stock

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Citizens Jmp reduced 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. Piper Sandler cut their price objective on Coinbase Global from $180.00 to $170.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. Jefferies Financial Group raised their price objective on Coinbase Global from $151.00 to $181.00 and gave the stock a "hold" rating in a research note on Thursday, April 9th. Sanford C. Bernstein decreased their target price on Coinbase Global from $440.00 to $330.00 and set an "outperform" rating for the company in a report on Monday, March 30th. Finally, Weiss Ratings upgraded Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 29th. Eighteen investment 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's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $250.65.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 10,020 shares of the firm's stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the sale, the chief financial officer owned 377,201 shares of the company's stock, valued at $75,440,200. This trade represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of Coinbase Global stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $158.15, for a total transaction of $324,365.65. 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 quarter, insiders have sold 40,647 shares of company stock worth $7,331,841. Corporate insiders own 16.66% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $159.36 on Thursday. Coinbase Global, Inc. has a 52-week low of $139.18 and a 52-week high of $444.64. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The stock has a market cap of $41.98 billion, a PE ratio of 59.91, a price-to-earnings-growth ratio of 5.77 and a beta of 3.35. The business has a 50-day simple moving average of $175.05 and a 200-day simple moving average of $190.72.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted 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 firm's revenue was down 30.5% on a year-over-year basis. During the same period last year, the business earned $0.24 earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 1.74 EPS for the current year.

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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