Harbour Investments Inc. Trims Stake in Coinbase Global, Inc. $COIN

Harbour Investments Inc. reduced its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 53.4% in the fourth quarter, according to the company in its most recent disclosure 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.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Coinbase Global by 8.3% during the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after buying an additional 2,007,930 shares during the last quarter. North Dakota State Investment Board purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $1,626,000. Mizuho Markets Cayman LP bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $33,921,000. Harvest Portfolios Group Inc. boosted its position in shares of Coinbase Global by 21.7% in the fourth quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock worth $85,159,000 after purchasing an additional 67,082 shares during the period. Finally, Axxcess Wealth Management LLC boosted its position in shares of Coinbase Global by 303.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock worth $4,594,000 after purchasing an additional 15,282 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global News Roundup

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

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

Coinbase Global (NASDAQ:COIN) last issued its 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). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company posted $0.24 EPS. Coinbase Global’s revenue was down 30.5% compared to the same quarter last year. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on COIN shares. Compass Point dropped their price target on shares of Coinbase Global from $190.00 to $140.00 and set a “sell” rating for the company in a research report on Friday, February 20th. Mizuho upped their price target on shares of Coinbase Global from $170.00 to $200.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. HC Wainwright dropped their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, May 8th. UBS Group set a $264.00 price target on shares of Coinbase Global in a research report on Friday, February 13th. Finally, President Capital upped their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Nineteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $252.10.

Insider Buying and Selling

In related news, insider Lawrence J. Brock sold 6,616 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider owned 517 shares in the company, valued at approximately $97,718.17. This represents a 92.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This represents a 2.26% 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. Over the last quarter, insiders sold 38,566 shares of company stock worth $7,611,095. 16.66% of the stock is owned by insiders.

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.