Step Capital Management Pte. Ltd. Cuts Stake in Coinbase Global, Inc. $COIN

Step Capital Management Pte. Ltd. cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 89.0% during the second quarter, HoldingsChannel.com reports. The firm owned 10,000 shares of the cryptocurrency exchange’s stock after selling 80,800 shares during the period. Coinbase Global accounts for 0.3% of Step Capital Management Pte. Ltd.’s portfolio, making the stock its 16th biggest position. Step Capital Management Pte. Ltd.’s holdings in Coinbase Global were worth $1,462,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Archer Investment Corp acquired a new position in Coinbase Global during the 2nd quarter valued at about $26,000. MV Capital Management Inc. acquired a new stake in Coinbase Global in the fourth quarter worth about $27,000. Palisade Asset Management LLC purchased a new stake in shares of Coinbase Global during the third quarter worth about $29,000. Osbon Capital Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $30,000. Finally, Glen Eagle Advisors LLC increased its holdings in shares of Coinbase Global by 101.1% during the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock valued at $31,000 after acquiring an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $184.64 on Friday. The business’s 50 day moving average price is $163.48 and its 200 day moving average price is $175.53. The firm has a market cap of $48.72 billion, a P/E ratio of -48.08 and a beta of 3.39. Coinbase Global, Inc. has a 52 week low of $139.11 and a 52 week high of $402.16. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the business posted $5.14 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global, Inc. will post -0.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

COIN has been the subject of several research analyst reports. Raymond James Financial initiated coverage on shares of Coinbase Global in a research report on Wednesday, July 22nd. They issued a “market perform” rating for the company. UBS Group set a $155.00 price target on shares of Coinbase Global in a research note on Friday, July 31st. Zacks Research cut shares of Coinbase Global from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on shares of Coinbase Global from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Tuesday, August 25th. Finally, Wedbush set a $224.00 price objective on shares of Coinbase Global in a report on Friday, May 8th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $216.87.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: U.S. equity perpetuals could expand revenue: Coinbase filed SEC notices covering plans to offer 24/7 single-stock perpetual futures to U.S. traders. The products could broaden Coinbase’s derivatives business and strengthen its “everything exchange” strategy, although Commodity Futures Trading Commission approval is still required and launch details remain undisclosed. Coinbase Brings 24/7 Stock Perpetuals to the US
• Positive Sentiment: International derivatives expansion: Coinbase launched regulated crypto derivatives trading in Canada, adding perpetual and dated contracts tied to major digital assets. The launch may increase trading volume, diversify revenue and support its global growth strategy. Can Canada’s Derivatives Launch Boost Coinbase’s Global Growth?
• Positive Sentiment: Crypto-policy optimism remains supportive: Investors continue to watch potential U.S. crypto market-structure legislation, including a Senate procedural vote expected September 15. Clearer rules could benefit Coinbase as a regulated exchange and custody provider.
• Neutral Sentiment: Board and investor-outreach updates: Coinbase added Anthony Armstrong, former CFO of xAI and X, to its board and plans appearances at upcoming Citi and Goldman Sachs conferences. These developments may provide strategic updates but do not change near-term earnings expectations.
• Negative Sentiment: Macro pressure on crypto assets: The hotter-than-expected jobs report increased the prospect of higher-for-longer interest rates, weighing on Bitcoin and other risk assets. Lower crypto prices and trading activity can reduce Coinbase’s transaction revenue, despite the possibility that higher rates support stablecoin income. Coinbase Slides as Hot Jobs Report Dents 10% Rally
• Negative Sentiment: Mixed analyst and insider signals: Zacks placed COIN on its “Strong Sell” list, while a director sold 10,000 shares for approximately $1.79 million under a pre-arranged Rule 10b5-1 plan. Coinbase also recently reported an earnings and revenue miss, with revenue down year over year. New Strong Sell Stocks for September 3rd

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick R. Wilson sold 35,068 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $144.32, for a total value of $5,061,013.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,062 shares of Coinbase Global stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $188.75, for a total value of $389,202.50. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 57,130 shares of company stock valued at $8,830,416. 16.66% of the stock is currently owned by corporate insiders.

Coinbase Global 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.