Tradewinds LLC. Sells 23,579 Shares of Coinbase Global, Inc. $COIN

Key Points

• Tradewinds LLC sharply reduced its Coinbase position by 95.2% in the first quarter, selling 23,579 shares and leaving it with just 1,187 shares worth about $227,000.
• Several other institutional investors also adjusted their stakes, and overall institutions own 68.84% of Coinbase’s stock, showing continued heavy Wall Street involvement.
• Coinbase insiders have also been selling shares, including CFO Alesia J. Haas and insider Paul Grewal, while analysts remain mixed with price targets ranging from Barclays’ $99 to Wolfe Research’s $325.

Tradewinds LLC. lowered its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 95.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,187 shares of the cryptocurrency exchange's stock after selling 23,579 shares during the quarter. Tradewinds LLC.'s holdings in Coinbase Global were worth $227,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Paradiem LLC bought a new stake in Coinbase Global during the first quarter worth $310,000. CAP Partners LLC grew its stake in Coinbase Global by 5.2% in the 1st quarter. CAP Partners LLC now owns 6,489 shares of the cryptocurrency exchange's stock valued at $1,133,000 after purchasing an additional 320 shares during the period. Carnegie Investment Counsel increased its position in shares of Coinbase Global by 615.8% during the 1st quarter. Carnegie Investment Counsel now owns 62,365 shares of the cryptocurrency exchange's stock valued at $10,890,000 after purchasing an additional 53,652 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Coinbase Global by 274.3% during the 1st quarter. Fifth Third Bancorp now owns 33,678 shares of the cryptocurrency exchange's stock valued at $5,881,000 after purchasing an additional 24,681 shares during the last quarter. Finally, Sovran Advisors LLC raised its stake in shares of Coinbase Global by 15.2% during the 1st quarter. Sovran Advisors LLC now owns 12,702 shares of the cryptocurrency exchange's stock worth $2,385,000 after purchasing an additional 1,679 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 1,960 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company's stock, valued at $14,991,110.64. This trade represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction on Thursday, April 16th. The shares were 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 owned 377,201 shares of the company's stock, valued at approximately $75,440,200. This trade represents a 2.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,647 shares of company stock worth $7,331,841 in the last three months. Insiders own 16.66% of the company's stock.

More Coinbase Global News

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

• Positive Sentiment: Coinbase gained sympathy buying after Circle received OCC approval to launch a national trust bank, reinforcing a more constructive regulatory backdrop for crypto-related firms. Coinbase Stock Trades Higher After Circle Receives OCC Approval to Open National Trust Bank
• Positive Sentiment: Citizens JMP raised its price target on Coinbase to $325 and kept an outperform rating, which supports the idea that Wall Street still sees significant upside from current levels. Coinbase Global NASDAQ: COIN Given New $325.00 Price Target at Citizens Jmp
• Positive Sentiment: Bitcoin strength and reports of a rising “Coinbase Premium” suggested renewed U.S. crypto demand, which can boost Coinbase trading activity and investor expectations for volume-driven revenue. Bitcoin whales sent BTC price to $64K as Coinbase Premium broke key level: CryptoQuant
• Positive Sentiment: Coinbase also received attention for a UK authorization that could help it expand into a broader “everything exchange” offering, a potential long-term growth catalyst. Coinbase UK License Marks Major Step Toward Bringing ‘Everything Exchange’ to Life
• Neutral Sentiment: Analysts and market commentary continued to highlight Coinbase as a high-profile crypto proxy, keeping the stock in focus for traders, but these pieces were more commentary than fresh fundamental news. Is Trending Stock Coinbase Global, Inc. (COIN) a Buy Now?
• Neutral Sentiment: Coinbase’s chief legal officer, Paul Grewal, is stepping down after a successful tenure, but the company said the transition is orderly and succession plans are already in place. Coinbase restores prediction markets trading after technical issue
• Negative Sentiment: Recent analyst updates were mixed, with Barclays cutting its price target to $99 and maintaining an underweight rating, showing that not all analysts are bullish on the stock’s valuation and earnings outlook. Coinbase Global had its price target lowered by Barclays PLC

Coinbase Global Price Performance

COIN opened at $159.07 on Monday. The company has a market capitalization of $41.91 billion, a price-to-earnings ratio of 59.80, a PEG ratio of 6.10 and a beta of 3.35. 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 firm has a 50-day moving average price of $173.89 and a 200-day moving average price of $189.48. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business's revenue for the quarter was down 30.5% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. Equities analysts expect that Coinbase Global, Inc. will post 1.75 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on COIN shares. B. Riley Financial cut their price target on shares of Coinbase Global from $243.00 to $203.00 and set a "neutral" rating on the stock in a report on Monday, June 1st. Wedbush set a $224.00 price objective on shares of Coinbase Global in a report on Friday, May 8th. Wolfe Research set a $325.00 price objective on shares of Coinbase Global in a research report on Thursday. Sanford C. Bernstein dropped their target price on shares of Coinbase Global from $440.00 to $330.00 and set an "outperform" rating on the stock in a research note on Monday, March 30th. Finally, Mizuho increased their target price on shares of Coinbase Global from $170.00 to $200.00 and gave the company a "neutral" rating in a research report on Tuesday, May 12th. Eighteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given 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 $251.79.

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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