Norges Bank Invests $656.74 Million in Coinbase Global, Inc. $COIN

Norges Bank bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 2,904,149 shares of the cryptocurrency exchange’s stock, valued at approximately $656,744,000.

Several other large investors have also made changes to their positions in COIN. REAP Financial Group LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth approximately $29,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth approximately $35,000. Stephens Consulting LLC raised 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 buying an additional 100 shares during the period. Finally, Legacy Wealth Managment LLC ID raised its stake in shares of Coinbase Global by 728.0% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 207 shares of the cryptocurrency exchange’s stock worth $47,000 after buying an additional 182 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the transaction, the chief financial officer owned 397,171 shares of the company’s stock, valued at approximately $79,434,200. The trade was a 2.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lawrence J. Brock sold 6,616 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the transaction, the insider directly owned 517 shares in the company, valued at approximately $97,718.17. The trade was 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. Insiders have sold a total of 38,566 shares of company stock worth $7,611,095 in the last quarter. Company insiders own 16.66% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on COIN. Monness Crespi & Hardt reaffirmed a “sell” rating and set a $110.00 target price (down from $115.00) on shares of Coinbase Global in a research note on Friday, May 8th. UBS Group set a $264.00 price objective on Coinbase Global in a research note on Friday, February 13th. China Renaissance reduced their price objective on Coinbase Global from $301.50 to $223.20 and set a “buy” rating for the company in a research note on Monday, February 23rd. BTIG Research reduced their price objective on Coinbase Global from $340.00 to $280.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, President Capital increased their price objective on Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Nineteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $252.10.

Key Headlines Impacting 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.

Coinbase Global Price Performance

NASDAQ COIN opened at $189.03 on Monday. The business has a fifty day moving average price of $188.59 and a 200 day moving average price of $211.43. 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. The company has a market cap of $49.80 billion, a P/E ratio of 71.06, a P/E/G ratio of 6.67 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data 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 net margin of 12.20% and a return on equity of 4.16%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company posted $0.24 earnings per share. The firm’s revenue for the quarter was down 30.5% compared to the same quarter last year. Research analysts anticipate that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal 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.