Integrated Advisors Network LLC Cuts Stock Position in Coinbase Global, Inc. $COIN

Integrated Advisors Network LLC decreased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 80.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,158 shares of the cryptocurrency exchange’s stock after selling 4,645 shares during the period. Integrated Advisors Network LLC’s holdings in Coinbase Global were worth $202,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in COIN. Formidable Asset Management LLC grew its stake in shares of Coinbase Global by 2.2% in the fourth quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock valued at $469,000 after buying an additional 44 shares in the last quarter. L2 Asset Management LLC boosted its holdings in Coinbase Global by 5.0% in the 3rd quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after acquiring an additional 46 shares during the period. Ancora Advisors LLC boosted its holdings in Coinbase Global by 4.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock worth $396,000 after acquiring an additional 51 shares during the period. Kensington Investment Counsel LLC grew its position in Coinbase Global by 7.0% in the third quarter. Kensington Investment Counsel LLC now owns 808 shares of the cryptocurrency exchange’s stock valued at $273,000 after acquiring an additional 53 shares in the last quarter. Finally, Fulton Bank N.A. grew its position in Coinbase Global by 1.1% in the first quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock valued at $863,000 after acquiring an additional 53 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 0.4%

Shares of Coinbase Global stock traded up $0.63 on Friday, hitting $159.07. 6,111,167 shares of the company’s stock traded hands, compared to its average volume of 7,137,718. The stock has a market cap of $41.91 billion, a P/E ratio of 59.80, a PEG ratio of 5.58 and a beta of 3.35. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average is $173.89 and its 200 day moving average is $189.89. Coinbase Global, Inc. has a 52-week low of $139.18 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share 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 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 quarterly revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 1.75 earnings per share for the current year.

Key Stories Impacting Coinbase Global

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

Insider Activity at Coinbase Global

In other news, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $159.09, for a total value of $1,590,900.00. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $3,181,800. The trade was a 33.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of the company’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the sale, the chief financial officer owned 377,201 shares in the company, valued at approximately $75,440,200. This trade represents a 2.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,647 shares of company stock worth $7,331,841 over the last 90 days. Company insiders own 16.66% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Monness Crespi & Hardt reissued a “sell” rating on shares of Coinbase Global in a research report on Friday, June 5th. Bank of America lowered their price target on shares of Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Piper Sandler decreased their price objective on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $251.79.

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.