Coinbase Global, Inc. $COIN Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 23.3% during the first quarter, HoldingsChannel reports. The fund owned 296,268 shares of the cryptocurrency exchange’s stock after selling 89,963 shares during the period. California Public Employees Retirement System’s holdings in Coinbase Global were worth $51,731,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MV Capital Management Inc. purchased a new stake in Coinbase Global during the fourth quarter worth approximately $27,000. Palisade Asset Management LLC purchased a new position in Coinbase Global in the third quarter valued at approximately $29,000. Osbon Capital Management LLC purchased a new position in Coinbase Global in the fourth quarter valued at approximately $30,000. Archer Investment Corp raised its holdings in Coinbase Global by 546.4% during the first quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 153 shares in the last quarter. Finally, Brooklands Fund Management Ltd acquired a new stake in Coinbase Global during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $160.43 on Tuesday. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $436.38. The stock has a 50 day moving average of $169.28 and a two-hundred day moving average of $186.24. The stock has a market cap of $42.27 billion, a P/E ratio of 60.31, a P/E/G ratio of 10.14 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. Coinbase Global’s revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 1.41 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 1,960 shares of the stock in a transaction 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. This represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 517 shares in the company, valued at $97,718.17. The trade was a 92.75% decrease in their ownership of the stock. 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 worth $5,327,841 in the last 90 days. Company insiders own 16.66% of the company’s stock.

Trending Headlines about Coinbase Global

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

• Positive Sentiment: Coinbase vice chair Ryan VanGrack said Senate negotiators added stronger consumer protections to the CLARITY Act, which could improve the odds of crypto market-structure legislation passing and create a more favorable regulatory backdrop for Coinbase. Article: Democrats added certain consumer protection rules to CLARITY: Coinbase exec
• Positive Sentiment: Multiple headlines featured Coinbase CEO Brian Armstrong defending Bitcoin’s long-term durability and dismissing concerns about miners shifting energy use to AI, which can reinforce Coinbase’s image as a leading crypto industry voice. Article: Coinbase CEO Brian Armstrong: Hash Power Doesn’t Determine Bitcoin’s Price
• Neutral Sentiment: Armstrong also said Bitcoin is likely to remain a long-term gauge of inflation fears and commented that stablecoins, not Bitcoin, have best fulfilled Satoshi’s payments vision; this keeps Coinbase in the center of the crypto narrative but is not a direct business catalyst. Article: Coinbase CEO Brian Armstrong Says Bitcoin Will ‘Mostly’ Be a Measure of Inflation Fears in the Long Term
• Neutral Sentiment: Coinbase shares also got a routine lift from broad market movement, with recent coverage noting the stock outperformed a down market session. Article: Coinbase Global, Inc. (COIN) Ascends While Market Falls: Some Facts to Note
• Negative Sentiment: Prediction markets suggested Coinbase’s second-quarter trading volume may come in below analyst expectations, renewing concern that weaker crypto activity could pressure transaction revenue. Article: Coinbase trading results may fall short of expectations, according to prediction markets
• Negative Sentiment: Another piece argued Coinbase’s Base strategy showed the company may be building for an older crypto cycle, hinting at product and strategic execution risks. Article: Coinbase’s big Base mistake offers an important lesson for the crypto industry

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on COIN shares. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a report on Wednesday, June 17th. Benchmark reiterated a “buy” rating and set a $270.00 price target on shares of Coinbase Global in a research note on Wednesday, June 17th. Mizuho lifted their price target on shares of Coinbase Global from $170.00 to $200.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a research report on Thursday, July 9th. Finally, President Capital upped their price objective on shares of Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Eighteen research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $245.39.

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.