Longitude Cayman Ltd. Acquires Shares of 8,300 Coinbase Global, Inc. $COIN

Longitude Cayman Ltd. acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 8,300 shares of the cryptocurrency exchange’s stock, valued at approximately $1,877,000. Coinbase Global makes up about 0.8% of Longitude Cayman Ltd.’s portfolio, making the stock its 26th biggest position.

A number of other hedge funds have also recently made changes to their positions in COIN. Norges Bank bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $656,744,000. Vanguard Group Inc. raised its holdings in Coinbase Global by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock worth $8,847,905,000 after acquiring an additional 2,007,930 shares during the last quarter. Capital World Investors raised its stake in Coinbase Global by 847.2% during the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock valued at $347,472,000 after buying an additional 1,374,318 shares during the last quarter. Ruffer LLP purchased a new stake in Coinbase Global during the 4th quarter valued at $166,515,000. Finally, Artisan Partners Limited Partnership bought a new position in shares of Coinbase Global in the 3rd quarter worth approximately $224,663,000. 68.84% of the stock is owned by institutional investors.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 1,960 shares of Coinbase Global stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following 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 sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $158.15, for a total transaction of $324,365.65. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,597 shares of company stock valued at $7,746,861 over the last quarter. 16.66% of the stock is owned by insiders.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase launched “Coinbase for Agents,” enabling AI assistants to trade crypto and make payments, opening a new potential growth channel for trading and payments activity. Coinbase launches tool to let AI agents manage trading and payments
• Positive Sentiment: MassPay and Coinbase announced a stablecoin payout partnership, which could expand institutional and cross-border payment volume on Coinbase’s rails. MassPay and Coinbase Partner to Bring Stablecoin-Powered Payouts to Businesses Worldwide
• Positive Sentiment: Bernstein said Coinbase could benefit from a World Cup-driven surge in prediction-market activity, pointing to potential user and volume growth. Coinbase eyes World Cup boost as prediction markets surge: Bernstein
• Neutral Sentiment: Coverage of Coinbase CEO Brian Armstrong discussing perpetual approval adds context around crypto market structure, but it is not a clear immediate earnings driver. Coinbase CEO Armstrong Talks About Perpetual Approval: What Comes Next?
• Negative Sentiment: Coinbase CAO Jennifer N. Jones sold shares in a pre-arranged 10b5-1 transaction, which may add a bit of caution even though it was routine. Coinbase Global, Inc. CAO Jennifer N. Jones Insider Transaction
• Negative Sentiment: Some market commentary remains wary as Bitcoin weakness continues to pressure Coinbase sentiment because the stock is highly tied to crypto trading activity and overall digital-asset prices. As Bitcoin Prices Plunge, Wall Street Is Losing Faith in Coinbase Stock

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $160.43 on Friday. The firm has a market cap of $42.27 billion, a PE ratio of 60.31, a price-to-earnings-growth ratio of 4.90 and a beta of 3.32. The firm’s 50 day simple moving average is $185.30 and its 200-day simple moving average is $204.61. Coinbase Global, Inc. has a one year low of $139.36 and a one year high of $444.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14.

Coinbase Global (NASDAQ:COIN) last issued its 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 for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business’s revenue was down 30.5% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. As a group, equities analysts predict that Coinbase Global, Inc. will post 1.93 EPS for the current year.

Wall Street Analyst Weigh In

COIN has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Oppenheimer dropped their target price on shares of Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. BTIG Research dropped their price objective on shares of Coinbase Global from $340.00 to $280.00 and set a “buy” rating for the company in a report on Friday, February 13th. Piper Sandler decreased their target price on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Finally, UBS Group set a $264.00 target price on shares of Coinbase Global in a research report on Friday, February 13th. Eighteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $250.23.

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.