Mizuho Markets Cayman LP acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 150,000 shares of the cryptocurrency exchange’s stock, valued at approximately $33,921,000. Coinbase Global comprises approximately 1.7% of Mizuho Markets Cayman LP’s investment portfolio, making the stock its 13th largest position.
Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange’s stock valued at $5,970,285,000 after purchasing an additional 184,043 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Coinbase Global by 5.9% during the third quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange’s stock valued at $661,437,000 after purchasing an additional 108,751 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Coinbase Global by 5.0% during the third quarter. Legal & General Group Plc now owns 1,193,784 shares of the cryptocurrency exchange’s stock valued at $402,890,000 after purchasing an additional 57,164 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Coinbase Global by 41.1% during the fourth quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange’s stock valued at $187,488,000 after purchasing an additional 241,659 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Coinbase Global by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 783,273 shares of the cryptocurrency exchange’s stock valued at $264,320,000 after buying an additional 8,636 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the transaction, the chief financial officer owned 397,171 shares in the company, valued at $79,434,200. This trade represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 29,990 shares of company stock worth $6,013,920 in the last three months. 16.66% of the stock is owned by company insiders.
Coinbase Global Stock Performance
Coinbase Global (NASDAQ:COIN – Get Free Report) last issued 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). Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company posted $0.24 EPS. Coinbase Global’s revenue was down 30.5% compared to the same quarter last year. Equities analysts anticipate that Coinbase Global, Inc. will post 1.75 earnings per share for the current fiscal year.
Key Headlines Impacting Coinbase Global
Here are the key news stories impacting Coinbase Global this week:
- Negative Sentiment: Bitcoin and Ethereum fell, weighing on crypto-related stocks and dragging Coinbase lower alongside other trading platforms like Robinhood. Coinbase and Other Crypto Stocks Are Falling. Several Possible Reasons for the Bad Day.
- Negative Sentiment: Crypto market sentiment has been hurt by Bitcoin slipping into the mid-$70,000s, a negative Coinbase premium, and reports of institutional selling and ETF outflows, all of which point to softer near-term trading volumes for Coinbase. Coinbase premium hits monthly low as institutional selling pressure mounts
- Neutral Sentiment: Coinbase continues to expand its product set, including launching perpetual-style equity index futures in June and supporting new stablecoin infrastructure, which could help diversify revenue over time. Traders Get AI, Defense, and China Perp Futures on Coinbase Starting June 8
- Neutral Sentiment: Management also highlighted AI-driven compliance improvements and faster resolution times, which is supportive for operating efficiency but not enough to offset the crypto selloff today. Coinbase CEO Brian Armstrong Says AI Is Doing ‘Most Of The Heavy Lifting’ In Compliance As Resolution Times Improve By 90%
Analysts Set New Price Targets
COIN has been the subject of a number of research reports. Oppenheimer reduced their target price on shares of Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. Weiss Ratings cut shares of Coinbase Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Canaccord Genuity Group reduced their target price on shares of Coinbase Global from $400.00 to $300.00 and set a “buy” rating for the company in a report on Friday, February 13th. Citigroup reduced their target price on shares of Coinbase Global from $505.00 to $400.00 and set a “buy” rating for the company in a report on Friday, February 6th. Finally, China Renaissance reduced their target price on shares of Coinbase Global from $301.50 to $223.20 and set a “buy” rating for the company in a report on Monday, February 23rd. Nineteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $252.20.
Read Our Latest Research Report on COIN
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.
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