SVB Wealth LLC Purchases 8,672 Shares of Coinbase Global, Inc. $COIN

Key Points

• SVB Wealth LLC increased its Coinbase stake by 311.7% in Q4, buying 8,672 additional shares and bringing its holdings to 11,454 shares valued at about $2.59 million.
• Coinbase reported a worse-than-expected quarterly loss of $1.49 per share on revenue of $1.41 billion, with sales down 30.5% from a year earlier.
• Despite mixed fundamentals, the stock has been buoyed by institutional interest and positive crypto-related developments, including investments tied to Coinbase’s Base network, even as analysts have recently trimmed price targets and assigned an overall “Hold” rating.

SVB Wealth LLC lifted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 311.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,454 shares of the cryptocurrency exchange's stock after buying an additional 8,672 shares during the quarter. SVB Wealth LLC's holdings in Coinbase Global were worth $2,590,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Swiss Life Asset Management Ltd grew its stake in shares of Coinbase Global by 56.1% in the 4th quarter. Swiss Life Asset Management Ltd now owns 33,071 shares of the cryptocurrency exchange's stock valued at $7,479,000 after buying an additional 11,882 shares in the last quarter. Sloy Dahl & Holst LLC grew its stake in shares of Coinbase Global by 15.7% in the 4th quarter. Sloy Dahl & Holst LLC now owns 125,805 shares of the cryptocurrency exchange's stock valued at $28,450,000 after buying an additional 17,050 shares in the last quarter. Colonial River Investments LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $347,000. ABN AMRO Bank N.V. bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $1,282,000. Finally, EWA LLC boosted its position in Coinbase Global by 5.8% during the fourth quarter. EWA LLC now owns 1,306 shares of the cryptocurrency exchange's stock worth $295,000 after purchasing an additional 72 shares during the period. Institutional investors own 68.84% of the company's stock.

Coinbase Global News Summary

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

• Positive Sentiment: Coinbase backed Centrifuge’s tokenization rollout on Base with a multimillion-dollar investment, signaling continued support for expanding real-world asset activity on its Layer-2 network. Coinbase Backs Centrifuge Tokenization Rollout on Base
• Positive Sentiment: Bitcoin hovering near key levels keeps attention on the broader crypto market, which can lift Coinbase sentiment because trading activity on the platform is closely tied to crypto prices and volumes. Bitcoin Stalls Near $80,000, But These 6 Factors Could Change That Soon
• Neutral Sentiment: Coverage of the CLARITY Act suggests the crypto market structure bill could advance if more Senate Democrats support it, which would be a long-term positive for Coinbase if it improves regulatory clarity. 7 Democrats seen as ‘key’ to advancing CLARITY Act: Galaxy
• Neutral Sentiment: Coinbase, Kraken, and Gemini are pushing back on proposed Senate listing rules, indicating the regulatory debate is still unresolved and could affect exchange operations and token listings. Coinbase, Kraken & Gemini Push Back on Senate Crypto Listing Rules
• Negative Sentiment: Several analysts lowered price targets on Coinbase, including Robert W. Baird, Deutsche Bank, Oppenheimer, and Monness Crespi & Hardt, reflecting caution after recent operating trends. Robert W. Baird Lowers Coinbase Global Price Target to $160.00
• Negative Sentiment: Recent commentary also highlighted Coinbase’s revenue decline and weaker earnings results, which continue to weigh on investor confidence despite the stock’s recent rebound. Coinbase Global Stock Up 7.7%

Coinbase Global Stock Up 7.7%

Shares of COIN stock opened at $216.60 on Tuesday. Coinbase Global, Inc. has a 12 month low of $139.36 and a 12 month high of $444.64. The firm has a market cap of $57.20 billion, a PE ratio of 81.43, a price-to-earnings-growth ratio of 4.54 and a beta of 3.38. The stock has a 50 day moving average of $190.10 and a 200-day moving average of $225.06. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm earned $0.24 earnings per share. The firm's quarterly revenue was down 30.5% compared to the same quarter last year. On average, equities analysts predict that Coinbase Global, Inc. will post 2.78 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Oppenheimer decreased their target price on Coinbase Global from $227.00 to $224.00 in a research report on Friday. Bank of America decreased their target price on Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. JPMorgan Chase & Co. upped their target price on Coinbase Global from $252.00 to $290.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Benchmark decreased their target price on Coinbase Global from $267.00 to $260.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Finally, Needham & Company LLC decreased their target price on Coinbase Global from $230.00 to $220.00 and set a "buy" rating for the company in a research report on Friday. Nineteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of "Hold" and an average target price of $250.04.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 397,171 shares in the company, valued at approximately $79,434,200. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 29,990 shares of company stock valued at $6,013,920 in the last three months. Corporate insiders own 16.66% of the company's stock.

Coinbase Global 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.

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.