Townsend Asset Management Corp NC ADV Raises Holdings in Coinbase Global, Inc. $COIN

Key Points

• Townsend Asset Management boosted its Coinbase stake by 150.7% in the first quarter, buying 15,306 additional shares and bringing its total to 25,465 shares worth about $4.45 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 68.84% of Coinbase stock; several large funds also added or initiated sizable positions recently.
• Analysts are mixed but generally constructive: the consensus rating is Hold with an average price target of $245.39, even as Coinbase reported a weaker-than-expected quarter with EPS of -$1.49 and revenue of $1.41 billion.

Townsend Asset Management Corp NC ADV increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 150.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,465 shares of the cryptocurrency exchange's stock after purchasing an additional 15,306 shares during the period. Coinbase Global accounts for about 1.6% of Townsend Asset Management Corp NC ADV's holdings, making the stock its 19th biggest position. Townsend Asset Management Corp NC ADV's holdings in Coinbase Global were worth $4,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Coinbase Global during the fourth quarter worth $656,744,000. Capital World Investors lifted its position in shares of Coinbase Global by 847.2% in the fourth quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange's stock valued at $347,472,000 after acquiring an additional 1,374,318 shares in the last quarter. Ruffer LLP acquired a new stake in shares of Coinbase Global during the fourth quarter valued at $166,515,000. Janus Henderson Group PLC boosted its stake in shares of Coinbase Global by 2,597.8% during the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange's stock valued at $124,221,000 after acquiring an additional 528,943 shares during the last quarter. Finally, Cria Inc. acquired a new stake in shares of Coinbase Global during the fourth quarter valued at $111,184,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on COIN. Wedbush set a $224.00 target price on shares of Coinbase Global in a research note on Friday, May 8th. Oppenheimer decreased their price target on shares of Coinbase Global from $224.00 to $209.00 and set an "outperform" rating on the stock in a research note on Thursday. President Capital lifted their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. The Goldman Sachs Group boosted their price objective on shares of Coinbase Global from $226.00 to $228.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, Weiss Ratings raised shares of Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, May 29th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $245.39.

Key Headlines Impacting Coinbase Global

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.

Insider Activity at Coinbase Global

In other news, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 30,000 shares in the company, valued at $5,446,200. This represents a 25.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider owned 84,753 shares in the company, valued at approximately $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 quarter, insiders sold 30,627 shares of company stock worth $5,327,841. 16.66% of the stock is owned by insiders.

Coinbase Global Stock Performance

Coinbase Global stock opened at $157.12 on Friday. The firm has a market capitalization of $41.39 billion, a P/E ratio of 59.07, a PEG ratio of 10.22 and a beta of 3.35. The stock has a fifty day moving average price of $170.41 and a 200 day moving average price of $187.07. Coinbase Global, Inc. has a 52 week low of $139.18 and a 52 week high of $444.64. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the company posted $0.24 earnings per share. The business's quarterly revenue was down 30.5% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 1.43 earnings per share for the current year.

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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