Zweig DiMenna Associates LLC Sells 23,800 Shares of Coinbase Global, Inc. $COIN

Zweig DiMenna Associates LLC decreased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 94.1% during the fourth quarter, HoldingsChannel reports. The fund owned 1,500 shares of the cryptocurrency exchange’s stock after selling 23,800 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Coinbase Global were worth $339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Coinbase Global by 8.3% during the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after acquiring an additional 2,007,930 shares during the period. North Dakota State Investment Board bought a new stake in Coinbase Global during the 4th quarter valued at $1,626,000. Mizuho Markets Cayman LP bought a new stake in Coinbase Global during the 4th quarter valued at $33,921,000. Harvest Portfolios Group Inc. raised its holdings in Coinbase Global by 21.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after acquiring an additional 67,082 shares during the period. Finally, Axxcess Wealth Management LLC raised its holdings in Coinbase Global by 303.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock valued at $4,594,000 after acquiring an additional 15,282 shares during the period. Institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

COIN has been the subject of a number of recent analyst reports. Wedbush set a $224.00 price target on shares of Coinbase Global in a research report on Friday, May 8th. HC Wainwright reduced their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Weiss Ratings lowered shares of Coinbase Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Needham & Company LLC reduced their price target on shares of Coinbase Global from $230.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Piper Sandler reduced their price target on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Nineteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $252.10.

Coinbase Global Stock Up 3.7%

COIN opened at $189.03 on Friday. Coinbase Global, Inc. has a one year low of $139.36 and a one year high of $444.64. The company has a fifty day moving average price of $188.59 and a 200-day moving average price of $212.18. The firm has a market capitalization of $49.80 billion, a P/E ratio of 71.06, a price-to-earnings-growth ratio of 6.43 and a beta of 3.38. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.34.

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 return on equity of 4.16% and a net margin of 12.20%.The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the firm posted $0.24 earnings per share. The firm’s revenue was down 30.5% on a year-over-year basis. Equities research analysts expect that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Lawrence J. Brock sold 6,616 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the transaction, the insider directly owned 517 shares of the company’s stock, valued at approximately $97,718.17. This trade represents a 92.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 38,566 shares of company stock worth $7,611,095. 16.66% of the stock is currently owned by insiders.

Coinbase Global News Roundup

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

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

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.