D.A. Davidson & CO. Buys 6,298 Shares of Coinbase Global, Inc. $COIN

D.A. Davidson & CO. boosted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 28.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,230 shares of the cryptocurrency exchange’s stock after buying an additional 6,298 shares during the quarter. D.A. Davidson & CO.’s holdings in Coinbase Global were worth $4,929,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Formidable Asset Management LLC increased its stake in shares of Coinbase Global by 2.2% in the 4th quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock valued at $469,000 after buying an additional 44 shares during the period. L2 Asset Management LLC raised its position in shares of Coinbase Global by 5.0% during the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after acquiring an additional 46 shares during the last quarter. Ancora Advisors LLC lifted its stake in shares of Coinbase Global by 4.5% during the third quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock valued at $396,000 after acquiring an additional 51 shares during the period. Fulton Bank N.A. lifted its stake in shares of Coinbase Global by 1.1% during the first quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock valued at $863,000 after acquiring an additional 53 shares during the period. Finally, SRH Advisors LLC boosted its holdings in Coinbase Global by 10.1% in the fourth quarter. SRH Advisors LLC now owns 600 shares of the cryptocurrency exchange’s stock valued at $136,000 after acquiring an additional 55 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Jefferies Financial Group lifted their price objective on Coinbase Global from $151.00 to $181.00 and gave the stock a “hold” rating in a research report on Thursday, April 9th. Citizens Jmp cut their target price 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. JPMorgan Chase & Co. raised their target price on shares of Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Benchmark reiterated a “buy” rating and set a $270.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Compass Point reissued a “sell” rating on shares of Coinbase Global in a research note on Monday, June 1st. Eighteen investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $245.39.

Insider Buying and Selling

In other news, CAO Jennifer N. Jones sold 2,051 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $158.15, for a total value of $324,365.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 stock in a transaction that occurred 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 sale, the insider owned 517 shares in the company, valued at $97,718.17. This represents a 92.75% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 30,627 shares of company stock valued at $5,327,841. Insiders own 16.66% of the company’s stock.

Coinbase Global Stock Down 2.1%

Shares of Coinbase Global stock opened at $157.12 on Friday. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a 12 month low of $139.18 and a 12 month high of $444.64. The business has a fifty day simple moving average of $170.41 and a 200 day simple moving average of $187.07. The stock has a market cap of $41.39 billion, a PE ratio of 59.07, a price-to-earnings-growth ratio of 10.00 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its earnings results 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). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company posted $0.24 EPS. The company’s quarterly revenue was down 30.5% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 1.41 EPS for the current year.

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.