Coinbase Global, Inc. $COIN Stake Increased by Fifth Third Bancorp

Fifth Third Bancorp raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 274.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,678 shares of the cryptocurrency exchange’s stock after acquiring an additional 24,681 shares during the quarter. Fifth Third Bancorp’s holdings in Coinbase Global were worth $5,881,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Coinbase Global during the fourth quarter valued at approximately $656,744,000. Capital World Investors lifted its holdings in Coinbase Global by 847.2% during the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock worth $347,472,000 after buying an additional 1,374,318 shares during the last quarter. Ruffer LLP acquired a new position in shares of Coinbase Global in the 4th quarter worth approximately $166,515,000. Janus Henderson Group PLC grew its position in shares of Coinbase Global by 2,597.8% in the 4th quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange’s stock worth $124,221,000 after acquiring an additional 528,943 shares in the last quarter. Finally, Cria Inc. bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $111,184,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 84,753 shares of the company’s stock, valued at $14,991,110.64. The trade was a 2.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 517 shares of the company’s stock, valued at approximately $97,718.17. This trade represents a 92.75% 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 90 days, insiders sold 30,627 shares of company stock valued at $5,327,841. Company insiders own 16.66% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN opened at $160.49 on Friday. Coinbase Global, Inc. has a 12 month low of $139.18 and a 12 month high of $444.64. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The stock has a fifty day moving average price of $171.29 and a 200 day moving average price of $187.28. The company has a market cap of $42.28 billion, a P/E ratio of 60.33, a PEG ratio of 8.70 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (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 the consensus estimate of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 1.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

COIN has been the topic of several research reports. Zacks Research raised Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Citigroup reaffirmed a “market outperform” rating on shares of Coinbase Global in a report on Thursday, July 9th. Benchmark reiterated a “buy” rating and set a $270.00 target price on shares of Coinbase Global in a research note on Wednesday, June 17th. Wedbush set a $224.00 target price on shares of Coinbase Global in a report on Friday, May 8th. Finally, Citizens Jmp reduced their price target on shares of Coinbase Global from $355.00 to $325.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Eighteen 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $245.39.

More Coinbase Global News

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

• Positive Sentiment: Momentum around the CLARITY Act is supporting the long-term case for Coinbase, since the bill could bring more defined U.S. crypto rules and strengthen Coinbase’s position as a regulated exchange and custody provider. Article Title
• Positive Sentiment: Coinbase joined a 140-company stablecoin alliance, which could expand adoption of stablecoins and reinforce Coinbase’s role in crypto payments and infrastructure. Article Title
• Positive Sentiment: Analysts continue to argue Coinbase is well positioned for a crypto recovery, with some noting that many risks may already be priced in and that a rebound in Bitcoin could lift trading activity. Article Title
• Neutral Sentiment: Japan’s crypto regulatory overhaul could attract more institutional money into digital assets, which may indirectly benefit Coinbase if global adoption accelerates. Article Title
• Negative Sentiment: Visa’s new stablecoin platform adds another large, well-capitalized competitor to the stablecoin ecosystem, raising concerns that Coinbase could face more pressure on revenue tied to USDC and stablecoin-related activity. Article Title
• Negative Sentiment: JPMorgan trimmed its expectations for Coinbase and warned that rising stablecoin competition and the Hyperliquid partnership could weigh on stablecoin-related revenue. Article Title
• Negative Sentiment: Broader market weakness and a renewed selloff in chipmakers are pressuring risk assets overall, adding to the downside for COIN. Article Title

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.