Pacer Advisors Inc. Sells 175,668 Shares of Coinbase Global, Inc. $COIN

Pacer Advisors Inc. cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 91.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,107 shares of the cryptocurrency exchange’s stock after selling 175,668 shares during the quarter. Pacer Advisors Inc.’s holdings in Coinbase Global were worth $2,987,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of COIN. Palisade Asset Management LLC acquired a new position in Coinbase Global during the 3rd quarter valued at $29,000. MV Capital Management Inc. acquired a new stake in Coinbase Global in the 4th quarter worth $27,000. Osbon Capital Management LLC acquired a new stake in Coinbase Global in the 4th quarter worth $30,000. JPL Wealth Management LLC bought a new position in shares of Coinbase Global during the 3rd quarter worth about $49,000. Finally, Brooklands Fund Management Ltd bought a new position in shares of Coinbase Global during the 4th quarter worth about $34,000. 68.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COIN. Zacks Research raised shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $208.00 price target on shares of Coinbase Global in a research note on Wednesday, June 17th. Piper Sandler cut their price target on Coinbase Global from $155.00 to $146.00 and set a “neutral” rating for the company in a report on Friday, July 31st. KeyCorp reiterated a “sector weight” rating on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. lifted their price objective on Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Eighteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $215.11.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase launched access to nearly 4,000 U.S. stocks for eligible U.K. customers, including fractional shares, zero-commission trading and funding through pounds or USDC. The move expands Coinbase beyond cryptocurrency trading and could create new revenue opportunities over time. Coinbase Brings Nearly 4,000 US Stocks to UK Users
• Positive Sentiment: Ark Invest, led by Cathie Wood, reportedly bought nearly $10 million of Coinbase and Circle shares after the recent crypto selloff. The purchases may signal confidence in COIN’s long-term valuation, although they do not change the company’s near-term fundamentals. Cathie Wood Buys the Dip in Coinbase and Circle
• Neutral Sentiment: Coinbase CEO Brian Armstrong continues lobbying for the CLARITY Act, which the company says would establish clearer crypto regulations. However, prediction-market odds and new Republican opposition suggest a vote or enactment this year is becoming less likely, delaying a potentially important regulatory catalyst. As Chance of Crypto Bill Vote Fades, Coinbase Stock Could Feel More Pain
• Negative Sentiment: Coinbase’s second-quarter results showed a $1.36 per-share loss versus the expected $0.44 loss, while revenue of $1.22 billion missed estimates and fell 18.5% year over year. The sharp reversal from a year-earlier profit reinforces concerns about crypto trading activity and earnings volatility. Coinbase Q2 Loss and Cathie Wood Buying
• Negative Sentiment: Zacks added COIN to its Rank #5 “Strong Sell” list, adding to bearish technical and fundamental sentiment. Separately, Cantor Fitzgerald lowered its Coinbase price target to $184, while a director sold 35,068 shares worth approximately $5.1 million under a pre-arranged Rule 10b5-1 plan. New Strong Sell Stocks for August 6th

Insider Buying and Selling

In other news, insider Paul Grewal sold 1,960 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $158.15, for a total value of $324,365.65. 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. Insiders sold a total of 65,695 shares of company stock valued at $10,388,854 over the last ninety days. Company insiders own 16.66% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $145.41 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.42 and a current ratio of 2.42. The firm’s 50-day simple moving average is $160.66 and its 200-day simple moving average is $178.50. Coinbase Global, Inc. has a twelve month low of $139.11 and a twelve month high of $402.16. The firm has a market cap of $38.31 billion, a P/E ratio of -37.87, a price-to-earnings-growth ratio of 42.15 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $5.14 EPS. The business’s revenue was down 18.5% compared to the same quarter last year. As a group, research analysts expect that Coinbase Global, Inc. will post -0.05 EPS for the current fiscal year.

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.