Zweig DiMenna Associates LLC Has $339,000 Stake in Coinbase Global, Inc. $COIN

Key Points

• Zweig DiMenna Associates LLC sharply reduced its Coinbase position by 94.1% in the fourth quarter, selling 23,800 shares and leaving it with 1,500 shares worth about $339,000.
• Coinbase reported Q1 earnings that missed expectations, posting -$1.49 EPS versus the $0.06 estimate and $1.41 billion in revenue, which also came in below forecasts. Revenue fell 30.5% from a year earlier.
• Despite recent results, analysts are mixed but several remain constructive on the stock, with 19 Buy ratings overall and a consensus target price of $252.10; meanwhile, Coinbase is benefiting from a regulatory push that could expand its derivatives business.

Zweig DiMenna Associates LLC lowered its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 94.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,500 shares of the cryptocurrency exchange's stock after selling 23,800 shares during the period. Zweig DiMenna Associates LLC's holdings in Coinbase Global were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. West Family Investments Inc. boosted its stake in Coinbase Global by 3.3% during the 3rd quarter. West Family Investments Inc. now owns 1,029 shares of the cryptocurrency exchange's stock valued at $347,000 after purchasing an additional 33 shares during the last quarter. Waterfront Wealth Inc. boosted its stake in Coinbase Global by 4.8% during the 3rd quarter. Waterfront Wealth Inc. now owns 760 shares of the cryptocurrency exchange's stock valued at $241,000 after purchasing an additional 35 shares during the last quarter. Howard Capital Management Inc. boosted its stake in Coinbase Global by 2.9% during the 3rd quarter. Howard Capital Management Inc. now owns 1,284 shares of the cryptocurrency exchange's stock valued at $433,000 after purchasing an additional 36 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of Coinbase Global by 32.2% in the 3rd quarter. GW&K Investment Management LLC now owns 152 shares of the cryptocurrency exchange's stock worth $51,000 after buying an additional 37 shares during the last quarter. Finally, Bridgewater Advisors Inc. boosted its stake in shares of Coinbase Global by 1.2% in the 3rd quarter. Bridgewater Advisors Inc. now owns 3,307 shares of the cryptocurrency exchange's stock worth $1,116,000 after buying an additional 38 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $189.03 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $49.80 billion, a PE ratio of 71.06, a PEG ratio of 6.43 and a beta of 3.38. The stock's 50 day moving average price is $188.59 and its 200-day moving average price is $212.18. Coinbase Global, Inc. has a twelve month low of $139.36 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) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The company 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 4.16% and a net margin of 12.20%.The company's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. On average, equities analysts anticipate that Coinbase Global, Inc. will post 1.74 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group boosted their target price on Coinbase Global from $151.00 to $181.00 and gave the stock a "hold" rating in a research note on Thursday, April 9th. Wedbush set a $224.00 target price on Coinbase Global in a research note on Friday, May 8th. BTIG Research cut their target price on Coinbase Global from $340.00 to $280.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. JPMorgan Chase & Co. boosted their target price on Coinbase Global from $252.00 to $290.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group cut their target price on Coinbase Global from $400.00 to $300.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. Nineteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $252.10.

Trending Headlines about Coinbase Global

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

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction that occurred 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 sale, the chief financial officer owned 377,201 shares of the company's stock, valued at approximately $75,440,200. The trade was a 2.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the completion of the sale, the insider directly owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 38,566 shares of company stock valued at $7,611,095. 16.66% of the stock is owned by company insiders.

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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