Audent Global Asset Management LLC Cuts Stock Position in Coinbase Global, Inc. $COIN

Audent Global Asset Management LLC trimmed its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 34.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,842 shares of the cryptocurrency exchange’s stock after selling 4,177 shares during the period. Coinbase Global comprises 1.4% of Audent Global Asset Management LLC’s investment portfolio, making the stock its 23rd largest position. Audent Global Asset Management LLC’s holdings in Coinbase Global were worth $1,369,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Palisade Asset Management LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $29,000. MV Capital Management Inc. bought a new position in shares of Coinbase Global during the 4th quarter valued at $27,000. Osbon Capital Management LLC purchased a new position in Coinbase Global in the 4th quarter worth $30,000. JPL Wealth Management LLC purchased a new position in Coinbase Global in the 3rd quarter worth $49,000. Finally, Brooklands Fund Management Ltd bought a new stake in Coinbase Global in the fourth quarter worth $34,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Down 2.1%

NASDAQ COIN opened at $157.12 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 current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. The stock’s fifty day moving average price is $170.41 and its 200-day moving average price is $187.07. The stock has a market cap of $41.39 billion, a P/E ratio of 59.07, a P/E/G ratio of 10.22 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last posted 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). The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.Coinbase Global’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. As a group, equities analysts forecast that Coinbase Global, Inc. will post 1.43 EPS for the current fiscal year.

Key Headlines Impacting Coinbase Global

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

• Positive Sentiment: Coinbase continues to benefit from progress on U.S. crypto regulation, including movement on the CLARITY Act and supportive comments from Coinbase policy leaders, which could improve long-term market structure and expand institutional adoption. Coinbase Policy Chief Calls CLARITY Act a ‘Dramatic Advance’: Here’s What Comes Next in the Senate
• Positive Sentiment: JPMorgan kept an Overweight rating on Coinbase even while cutting its price target, signaling that Wall Street still sees upside potential despite the pullback in expectations. JPMorgan slashes Coinbase price target
• Positive Sentiment: Coinbase joined a large stablecoin alliance and remains seen as a key player in new crypto payment and infrastructure initiatives, which could support future growth beyond spot trading. Coinbase Just Joined a 140-Company Stablecoin Alliance. Here’s What It Means for the Stock.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the 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 sale, the insider directly owned 84,753 shares in the company, valued at approximately $14,991,110.64. This trade represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $181.54, for a total value of $1,815,400.00. Following the completion of the transaction, the director owned 30,000 shares of the company’s stock, valued at $5,446,200. This represents a 25.00% 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. Insiders have sold 30,627 shares of company stock valued at $5,327,841 in the last quarter. Insiders own 16.66% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the topic of a number of recent research reports. Citigroup reaffirmed a “market outperform” rating on shares of Coinbase Global in a research note on Thursday, July 9th. Piper Sandler dropped their target price on Coinbase Global from $170.00 to $155.00 and set a “neutral” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $208.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Coinbase Global in a research note on Wednesday, June 17th. Finally, JPMorgan Chase & Co. boosted their price objective on Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $245.39.

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.