Coinbase Global, Inc. $COIN Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,068,710 shares of the cryptocurrency exchange’s stock after selling 136,532 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Coinbase Global were worth $361,217,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Formidable Asset Management LLC lifted its position in shares of Coinbase Global by 2.2% during 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 in the last quarter. L2 Asset Management LLC increased its holdings in Coinbase Global by 5.0% in the 3rd quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after acquiring an additional 46 shares in the last quarter. Ancora Advisors LLC increased its holdings in Coinbase Global by 4.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock worth $396,000 after acquiring an additional 51 shares in the last quarter. Kensington Investment Counsel LLC raised its position in Coinbase Global by 7.0% during the third quarter. Kensington Investment Counsel LLC now owns 808 shares of the cryptocurrency exchange’s stock worth $273,000 after acquiring an additional 53 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in 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 purchasing an additional 53 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the transaction, the chief financial officer owned 377,201 shares of the company’s stock, valued at approximately $75,440,200. The trade was a 2.59% decrease in their ownership of the stock. The transaction 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, insider Paul Grewal sold 1,960 shares of the company’s stock in a transaction 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 completion of the sale, the insider owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. The trade was a 2.26% 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 a total of 40,647 shares of company stock valued at $7,331,841 in the last 90 days. 16.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on COIN shares. BTIG Research reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $208.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $250.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 17th. B. Riley Financial reduced their target price on Coinbase Global from $243.00 to $203.00 and set a “neutral” rating for the company in a report on Monday, June 1st. Finally, Monness Crespi & Hardt restated a “sell” rating on shares of Coinbase Global in a research report on Friday, June 5th. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $250.65.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase won U.K. authorization to offer equities and derivatives, expanding its platform beyond crypto and supporting its long-term growth strategy. Coinbase Global (COIN) Is Up 11.8% After Winning UK Approval To Trade Stocks And Derivatives
• Positive Sentiment: Coinbase added Wormhole to spot trading, showing continued exchange activity and keeping the company in the spotlight for new listings. Coinbase Adds Wormhole To Spot Trading As Solana Infrastructure Tokens Gain Visibility
• Positive Sentiment: Base, Coinbase’s layer-2 network, is seeing stronger DEX activity and new token-standard rollout, which could support ecosystem growth and trading volume. Base to activate B20 standard for stablecoins, RWAs and other tokens
• Neutral Sentiment: Analysts are previewing Coinbase’s upcoming quarterly earnings and expect strong year-over-year bottom-line growth, but results have not yet been reported. Coinbase Global Earnings Preview: What to Expect
• Negative Sentiment: Broader crypto weakness, including a Bitcoin selloff tied to geopolitical headlines, may be weighing on sentiment for Coinbase as a crypto-linked stock. Trump declares Iran ceasefire over; bitcoin and crypto markets drop
• Negative Sentiment: A Coinbase director sold 10,000 shares under a pre-arranged plan, which can still create a mild headwind for investor sentiment.

Coinbase Global Stock Performance

COIN opened at $159.36 on Thursday. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $444.64. The firm has a market capitalization of $41.98 billion, a PE ratio of 59.91, a PEG ratio of 5.77 and a beta of 3.35. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $175.05 and its 200 day moving average price is $190.72.

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 analysts’ consensus estimates of $0.06 by ($1.55). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period last year, the business earned $0.24 earnings per share. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal year.

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.