Tredje AP fonden Reduces Position in Coinbase Global, Inc. $COIN

Key Points

• Tredje AP fonden cut its Coinbase stake by 18.3% in the fourth quarter, selling 12,770 shares and leaving it with 56,864 shares worth about $12.9 million.
• Institutional ownership remains high, with hedge funds and other institutions holding about 68.84% of Coinbase’s stock, even as some investors adjusted positions. Vanguard and several other firms increased their stakes during the period.
• Coinbase faces mixed fundamentals and sentiment: it recently missed earnings and revenue estimates, while analysts remain split with an overall Hold rating and an average target price of $252.20. Regulatory scrutiny from Sen. Elizabeth Warren and broader crypto-market weakness add to headline risk.

Tredje AP fonden lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 18.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 56,864 shares of the cryptocurrency exchange's stock after selling 12,770 shares during the quarter. Tredje AP fonden's holdings in Coinbase Global were worth $12,859,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 8.3% during the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock valued at $8,847,905,000 after purchasing an additional 2,007,930 shares during the period. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Coinbase Global during the third quarter valued at approximately $14,491,000. Artisan Partners Limited Partnership purchased a new stake in shares of Coinbase Global during the third quarter valued at approximately $224,663,000. Harvest Portfolios Group Inc. boosted its stake in shares of Coinbase Global by 42.5% during the third quarter. Harvest Portfolios Group Inc. now owns 309,496 shares of the cryptocurrency exchange's stock valued at $104,452,000 after purchasing an additional 92,292 shares during the period. Finally, Rafferty Asset Management LLC boosted its stake in shares of Coinbase Global by 9.9% during the third quarter. Rafferty Asset Management LLC now owns 77,917 shares of the cryptocurrency exchange's stock valued at $26,296,000 after purchasing an additional 7,017 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: Investors are still focused on Coinbase as a potential beneficiary of crypto market structure reform, including the CLARITY Act and SEC moves that could expand tokenized stock trading and boost regulated crypto venues. Coinbase’s compliance-heavy model and derivatives business were highlighted as possible long-term strengths. Article Title
• Positive Sentiment: Coinbase also announced it will participate in the J.P. Morgan Global Technology, Media and Communications Conference, which can keep investor attention on management’s outlook and strategy. Article Title
• Neutral Sentiment: Broader crypto-related sentiment remains mixed: Bitcoin weakness has weighed on crypto-linked stocks, while some investors are rotating toward crypto companies with different business models and revenue exposure. Article Title
• Negative Sentiment: Sen. Elizabeth Warren criticized the OCC for allegedly allowing Coinbase and other crypto firms to operate with bank-like charters without proper safeguards, renewing regulatory overhang around Coinbase’s business model. Article Title
• Negative Sentiment: Warren also sent a formal letter accusing the OCC of illegally granting national trust charters to Coinbase and other crypto firms, asking for records by June 1, which could increase scrutiny and headline risk. Article Title

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $193.45 on Wednesday. The business has a 50 day moving average of $190.99 and a 200 day moving average of $218.98. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. The company has a market cap of $50.97 billion, a PE ratio of 72.73, a P/E/G ratio of 6.90 and a beta of 3.38. Coinbase Global, Inc. has a 52 week low of $139.36 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.Coinbase Global's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 1.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of analyst reports. Canaccord Genuity Group dropped their price objective on Coinbase Global from $400.00 to $300.00 and set a "buy" rating for the company in a research note on Friday, February 13th. HC Wainwright decreased their target price on Coinbase Global from $350.00 to $310.00 and set a "buy" rating for the company in a report on Friday, May 8th. JPMorgan Chase & Co. upped their target price on Coinbase Global from $252.00 to $290.00 and gave the company an "overweight" rating in a 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 report on Wednesday, May 6th. Finally, Robert W. Baird decreased their target price on Coinbase Global from $200.00 to $160.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Nineteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $252.20.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of the 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 29,990 shares of company stock valued at $6,013,920 in the last ninety days. 16.66% of the stock is currently owned by corporate insiders.

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.

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