Carnegie Investment Counsel Grows Holdings in Coinbase Global, Inc. $COIN

Carnegie Investment Counsel lifted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 615.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,365 shares of the cryptocurrency exchange’s stock after buying an additional 53,652 shares during the quarter. Carnegie Investment Counsel’s holdings in Coinbase Global were worth $10,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MV Capital Management Inc. acquired a new position in Coinbase Global during the 4th quarter worth $27,000. Palisade Asset Management LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at about $29,000. Osbon Capital Management LLC acquired a new stake in shares of Coinbase Global in the 4th quarter valued at about $30,000. Brooklands Fund Management Ltd bought a new position in shares of Coinbase Global during the fourth quarter worth about $34,000. Finally, Stephens Consulting LLC lifted its position in shares of Coinbase Global by 99.0% during the fourth quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Key Coinbase Global News

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

Coinbase Global Stock Performance

COIN stock opened at $159.07 on Monday. 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 stock has a market capitalization of $41.91 billion, a price-to-earnings ratio of 59.80, a PEG ratio of 6.10 and a beta of 3.35. Coinbase Global, Inc. has a 1 year low of $139.18 and a 1 year high of $444.64. The stock’s fifty day moving average is $173.89 and its two-hundred day moving average is $189.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (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 for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm posted $0.24 EPS. The business’s revenue was down 30.5% compared to the same quarter last year. On average, research analysts predict that Coinbase Global, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Compass Point reissued a “sell” rating on shares of Coinbase Global in a report on Monday, June 1st. Bank of America reduced their target price on Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Weiss Ratings upgraded Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. HC Wainwright reduced their price objective on Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Eighteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average price target of $251.79.

Insider Activity

In other Coinbase Global news, CAO Jennifer N. Jones sold 2,051 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the sale, the insider owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% 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 a total of 40,647 shares of company stock worth $7,331,841 over the last three months. Insiders own 16.66% of the company’s stock.

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.