Proem Advisors LLC Takes $6.78 Million Position in Coinbase Global, Inc. $COIN

Proem Advisors LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 30,000 shares of the cryptocurrency exchange’s stock, valued at approximately $6,784,000. Coinbase Global accounts for approximately 0.8% of Proem Advisors LLC’s holdings, making the stock its 17th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. REAP Financial Group LLC bought a new position in shares of Coinbase Global during the third quarter valued at $25,000. Palisade Asset Management LLC purchased a new stake in Coinbase Global during the third quarter valued at $29,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Coinbase Global during the third quarter valued at $35,000. Cloud Capital Management LLC purchased a new stake in Coinbase Global during the third quarter valued at $36,000. Finally, Stephens Consulting LLC increased its position in Coinbase Global by 99.0% during the fourth quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 100 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase backed Centrifuge’s tokenization rollout on Base with a multimillion-dollar investment, signaling continued support for expanding real-world asset activity on its Layer-2 network. Coinbase Backs Centrifuge Tokenization Rollout on Base
• Positive Sentiment: Bitcoin hovering near key levels keeps attention on the broader crypto market, which can lift Coinbase sentiment because trading activity on the platform is closely tied to crypto prices and volumes. Bitcoin Stalls Near $80,000, But These 6 Factors Could Change That Soon
• Neutral Sentiment: Coverage of the CLARITY Act suggests the crypto market structure bill could advance if more Senate Democrats support it, which would be a long-term positive for Coinbase if it improves regulatory clarity. 7 Democrats seen as ‘key’ to advancing CLARITY Act: Galaxy
• Neutral Sentiment: Coinbase, Kraken, and Gemini are pushing back on proposed Senate listing rules, indicating the regulatory debate is still unresolved and could affect exchange operations and token listings. Coinbase, Kraken & Gemini Push Back on Senate Crypto Listing Rules
• Negative Sentiment: Several analysts lowered price targets on Coinbase, including Robert W. Baird, Deutsche Bank, Oppenheimer, and Monness Crespi & Hardt, reflecting caution after recent operating trends. Robert W. Baird Lowers Coinbase Global Price Target to $160.00
• Negative Sentiment: Recent commentary also highlighted Coinbase’s revenue decline and weaker earnings results, which continue to weigh on investor confidence despite the stock’s recent rebound. Coinbase Global Stock Up 7.7%

Coinbase Global Stock Performance

Shares of COIN opened at $216.60 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $190.10 and a two-hundred day simple moving average of $225.06. The stock has a market cap of $57.20 billion, a price-to-earnings ratio of 81.43, a PEG ratio of 4.54 and a beta of 3.38. Coinbase Global, Inc. has a 52 week low of $139.36 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN) last released 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). The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.The business’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 EPS. On average, analysts expect that Coinbase Global, Inc. will post 2.78 EPS for the current year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the transaction, the chief financial officer directly owned 397,171 shares of the company’s stock, valued at approximately $79,434,200. The trade was a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 29,990 shares of company stock valued at $6,013,920. 16.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on COIN. Deutsche Bank Aktiengesellschaft reduced their price objective on Coinbase Global from $206.00 to $205.00 and set a “buy” rating for the company in a research report on Friday. Oppenheimer reduced their price objective on Coinbase Global from $227.00 to $224.00 in a research report on Friday. Bank of America reduced their price objective on Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Robert W. Baird reduced their price objective on Coinbase Global from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Citigroup reduced their price objective on Coinbase Global from $505.00 to $400.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Nineteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $250.04.

Coinbase Global Company 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.