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

Audent Global Asset Management LLC decreased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 34.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,842 shares of the cryptocurrency exchange’s stock after selling 4,177 shares during the quarter. Coinbase Global makes up 1.4% of Audent Global Asset Management LLC’s portfolio, making the stock its 23rd biggest holding. Audent Global Asset Management LLC’s holdings in Coinbase Global were worth $1,369,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the transaction, the insider owned 517 shares in the company, valued at approximately $97,718.17. The trade was a 92.75% decrease in their position. The sale was disclosed in a document filed 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 Paul Grewal sold 1,960 shares of the business’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 value of $346,684.80. Following the transaction, the insider directly owned 84,753 shares in the company, valued at approximately $14,991,110.64. This represents 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. Over the last ninety days, insiders sold 30,627 shares of company stock valued at $5,327,841. Insiders own 16.66% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Coinbase Global in a research note on Wednesday, June 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Coinbase Global in a report on Wednesday, June 17th. Benchmark reiterated a “buy” rating and set a $270.00 target price on shares of Coinbase Global in a research report on Wednesday, June 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price target on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Oppenheimer reduced their price target on Coinbase Global from $224.00 to $209.00 and set an “outperform” rating for the company in a research report on Thursday. 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. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $245.39.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $157.12 on Friday. Coinbase Global, Inc. has a 52 week low of $139.18 and a 52 week high of $444.64. The stock has a market capitalization of $41.39 billion, a P/E ratio of 59.07, a PEG ratio of 10.22 and a beta of 3.35. The firm has a fifty day simple moving average of $170.41 and a two-hundred day simple moving average of $187.07. 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 (NASDAQ:COIN) last announced its 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 business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. The firm’s quarterly revenue was down 30.5% compared to the same quarter last year. On average, analysts expect that Coinbase Global, Inc. will post 1.43 earnings per share for the current fiscal year.

Key Stories 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.

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.