Coinbase Global, Inc. $COIN Shares Sold by Swedbank AB

Swedbank AB cut its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 13.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,847 shares of the cryptocurrency exchange’s stock after selling 5,984 shares during the period. Swedbank AB’s holdings in Coinbase Global were worth $6,783,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. MV Capital Management Inc. acquired a new stake in Coinbase Global during the fourth quarter worth approximately $27,000. Palisade Asset Management LLC acquired a new position in Coinbase Global in the 3rd quarter valued at $29,000. Osbon Capital Management LLC acquired a new position in Coinbase Global in the 4th quarter valued at $30,000. Brooklands Fund Management Ltd purchased a new position in shares of Coinbase Global during the 4th quarter worth $34,000. Finally, Stephens Consulting LLC lifted its stake in shares of Coinbase Global by 99.0% during the 4th quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 100 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Coinbase Global

In related news, insider Lawrence J. Brock sold 6,616 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 517 shares in the company, valued at $97,718.17. This represents a 92.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,647 shares of company stock valued at $7,331,841 over the last quarter. Insiders own 16.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings raised Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Bank of America cut their price objective on shares of Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Wolfe Research set a $325.00 target price on shares of Coinbase Global in a research report on Thursday. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Zacks Research raised shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $251.79.

Coinbase Global News Roundup

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 Stock Up 0.4%

NASDAQ:COIN traded up $0.63 during trading hours on Friday, hitting $159.07. The stock had a trading volume of 6,111,167 shares, compared to its average volume of 7,137,718. 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, Inc. has a 1-year low of $139.18 and a 1-year high of $444.64. The business has a 50 day simple moving average of $173.89 and a two-hundred day simple moving average of $189.89. The company has a market cap of $41.91 billion, a PE ratio of 59.80, a price-to-earnings-growth ratio of 5.56 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS 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 during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm posted $0.24 EPS. The company’s revenue was down 30.5% compared to the same quarter last year. Analysts predict that Coinbase Global, Inc. will post 1.75 EPS 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.