Praxis Investment Management Inc. Trims Stake in Coinbase Global, Inc. $COIN

Praxis Investment Management Inc. cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 67.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,358 shares of the cryptocurrency exchange’s stock after selling 2,816 shares during the quarter. Praxis Investment Management Inc.’s holdings in Coinbase Global were worth $307,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Gateway Investment Advisers LLC increased its position in shares of Coinbase Global by 2,937.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 30,377 shares of the cryptocurrency exchange’s stock worth $6,869,000 after acquiring an additional 29,377 shares during the period. Equitable Trust Co. purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $235,000. Swedbank AB increased its position in shares of Coinbase Global by 8.0% during the fourth quarter. Swedbank AB now owns 44,831 shares of the cryptocurrency exchange’s stock worth $10,138,000 after acquiring an additional 3,311 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Coinbase Global by 5.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 490,311 shares of the cryptocurrency exchange’s stock worth $115,973,000 after acquiring an additional 27,032 shares during the period. Finally, BOKF NA increased its position in shares of Coinbase Global by 2.6% during the fourth quarter. BOKF NA now owns 3,723 shares of the cryptocurrency exchange’s stock worth $842,000 after acquiring an additional 93 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Recorded market-share and derivatives revenue — Coinbase said it reached a record 8.6% crypto market share and retail derivatives annualized revenue topped $200M, showing product traction beyond spot trading. Read More.
• Positive Sentiment: AWS / USDC payments partnership and agent-payments work — Coinbase is a partner for Amazon Bedrock agent payment tooling (USDC rails), opening new stablecoin payment use cases and potential volume sources. Read More.
• Positive Sentiment: Regulatory clarity potential — Coinbase said CLARITY Act markup could happen soon; bipartisan movement that limits uncertain stablecoin rules would reduce regulatory risk for Coinbase’s dollar-rail products. Read More.
• Neutral Sentiment: New products and listings — Coinbase launched gold & silver perpetual futures (USDC-settled, up to 25x) and other product expansions that diversify revenue but will take time to scale. Read More.
• Negative Sentiment: Q1 earnings and revenue miss — Coinbase reported $1.41B revenue (vs. ~$1.49B expected) and a GAAP loss of $1.49/sh, marking a second consecutive quarterly loss; transaction revenue fell sharply, which drove today’s selling pressure. Read More.
• Negative Sentiment: Layoffs and restructuring headline risk — Coinbase cut ~14% of staff (~700 roles) as it pivots to an “AI-native” operating model; near-term execution and morale risks contributed to volatility. Read More.
• Negative Sentiment: Legal overhang — Coinbase faces at least one suit alleging improper withholding of frozen funds tied to a prior theft, adding regulatory/legal uncertainty. Read More.

Coinbase Global Stock Performance

Shares of COIN stock opened at $192.96 on Friday. The firm has a market cap of $50.96 billion, a price-to-earnings ratio of 43.95, a PEG ratio of 4.47 and a beta of 3.38. The company’s 50 day moving average is $189.05 and its 200 day moving average is $226.92. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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 net margin of 17.55% and a return on equity of 8.68%. The business’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 2.78 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction on Wednesday, March 4th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 29,990 shares of company stock valued at $6,013,920 over the last 90 days. 16.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Monness Crespi & Hardt lowered shares of Coinbase Global from a “hold” rating to a “sell” rating in a research report on Monday, February 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coinbase Global in a research report on Friday, January 9th. HC Wainwright reduced their target price on shares of Coinbase Global from $425.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. JPMorgan Chase & Co. lifted their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Jefferies Financial Group lifted their price objective on shares of Coinbase Global from $151.00 to $181.00 and gave the company a “hold” rating in a report on Thursday, April 9th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $262.04.

About Coinbase Global

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.