Harbour Investments Inc. Sells 4,400 Shares of Coinbase Global, Inc. $COIN

Harbour Investments Inc. cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 53.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,838 shares of the cryptocurrency exchange’s stock after selling 4,400 shares during the period. Harbour Investments Inc.’s holdings in Coinbase Global were worth $868,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in COIN. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock worth $8,847,905,000 after purchasing an additional 2,007,930 shares during the last quarter. Ruffer LLP bought a new position in shares of Coinbase Global in the fourth quarter worth about $166,515,000. Artisan Partners Limited Partnership bought a new position in shares of Coinbase Global in the third quarter worth about $224,663,000. Anatole Investment Management Ltd bought a new position in shares of Coinbase Global in the second quarter worth about $98,698,000. Finally, Holocene Advisors LP bought a new position in shares of Coinbase Global in the second quarter worth about $88,424,000. 68.84% of the stock is currently owned by institutional investors.

Key Stories 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Rothschild & Co Redburn upped their price target on shares of Coinbase Global from $254.00 to $263.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. JPMorgan Chase & Co. increased their target price on shares of Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Oppenheimer cut their target price on shares of Coinbase Global from $227.00 to $224.00 in a research report on Friday, May 8th. Citigroup cut their target price on shares of Coinbase Global from $505.00 to $400.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, BTIG Research cut their target price on shares of Coinbase Global from $340.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Nineteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average target price of $252.10.

Coinbase Global Stock Up 3.7%

NASDAQ:COIN opened at $189.03 on Friday. The company’s 50-day simple moving average is $188.59 and its 200-day simple moving average is $212.18. The stock has a market capitalization of $49.80 billion, a P/E ratio of 71.06, a P/E/G ratio of 6.67 and a beta of 3.38. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.34 and a current ratio of 2.14. Coinbase Global, Inc. has a fifty-two week low of $139.36 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN) last released 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 during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. On average, equities analysts anticipate that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.

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 completion of the sale, the chief financial officer directly owned 377,201 shares in the company, valued at $75,440,200. This trade represents a 2.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 owned 517 shares of the company’s stock, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. 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 sold 38,566 shares of company stock worth $7,611,095 in the last three months. Corporate insiders own 16.66% of the company’s stock.

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.