Norris Financial Group LLC Takes Position in Coinbase Global, Inc. $COIN

Norris Financial Group LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 14,453 shares of the cryptocurrency exchange’s stock, valued at approximately $2,524,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Western Wealth Management LLC lifted its holdings in shares of Coinbase Global by 8.1% in the 1st quarter. Western Wealth Management LLC now owns 2,488 shares of the cryptocurrency exchange’s stock worth $434,000 after acquiring an additional 187 shares during the last quarter. South Dakota Investment Council grew its holdings in shares of Coinbase Global by 128.2% during the 1st quarter. South Dakota Investment Council now owns 3,514 shares of the cryptocurrency exchange’s stock valued at $614,000 after purchasing an additional 1,974 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Coinbase Global by 37.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,913 shares of the cryptocurrency exchange’s stock worth $334,000 after purchasing an additional 524 shares during the period. California State Teachers Retirement System raised its position in Coinbase Global by 1.8% in the 1st quarter. California State Teachers Retirement System now owns 324,386 shares of the cryptocurrency exchange’s stock worth $56,641,000 after purchasing an additional 5,758 shares during the period. Finally, Empowered Funds LLC lifted its stake in Coinbase Global by 14.6% in the first quarter. Empowered Funds LLC now owns 19,493 shares of the cryptocurrency exchange’s stock worth $3,404,000 after purchasing an additional 2,488 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 1,960 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $181.54, for a total value of $1,815,400.00. Following the sale, the director owned 30,000 shares in the company, valued at $5,446,200. This represents a 25.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,627 shares of company stock worth $5,327,841 over the last 90 days. 16.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

COIN has been the subject of several analyst reports. Wedbush set a $224.00 price target on shares of Coinbase Global in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their target price on Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Raymond James Financial started coverage on Coinbase Global in a research report on Wednesday, July 22nd. They set a “market perform” rating on the stock. The Goldman Sachs Group lifted their price target on Coinbase Global from $226.00 to $228.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, UBS Group set a $235.00 price objective on Coinbase Global in a research note on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $233.47.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase captured a record 10.3% share of global crypto trading volume, up from 9.1% in the first quarter, indicating that it is gaining market share even as overall industry activity weakens. The company also highlighted growth in derivatives, stablecoins, tokenized finance, prediction markets and subscription services. Coinbase Q2 results and record market share
• Positive Sentiment: A Manhattan federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, including claims involving matched customer transactions. The ruling could reduce legal exposure, although remaining claims may still create risk. Coinbase customer lawsuit ruling
• Neutral Sentiment: Management is lobbying for the Senate’s CLARITY Act, which could establish clearer crypto-market rules and potentially make it easier for Coinbase to expand products and attract institutional and retail customers. Passage and timing remain uncertain. CLARITY Act implications for Coinbase
• Negative Sentiment: Coinbase reported a GAAP net loss of $359.5 million, or $1.36 per diluted share, versus analysts’ expected loss of roughly $122 million, while revenue fell 18.5% year over year to $1.22 billion, below estimates near $1.29 billion to $1.31 billion. This marked the company’s third consecutive quarterly loss and its third straight revenue and earnings miss. Coinbase third-quarterly loss report
• Negative Sentiment: Lower spot-crypto trading volumes and subdued market volatility reduced transaction revenue and outweighed gains in subscription and services revenue. The results raise doubts about whether Coinbase can quickly diversify beyond its traditional exchange business.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $163.58 on Friday. The firm’s fifty day simple moving average is $164.00 and its 200 day simple moving average is $181.97. The stock has a market cap of $43.10 billion, a P/E ratio of 61.50, a price-to-earnings-growth ratio of 10.30 and a beta of 3.35. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $402.16.

Coinbase Global (NASDAQ:COIN) last announced its quarterly 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 net margin of 12.20% and a return on equity of 4.16%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. Coinbase Global’s quarterly revenue was down 30.5% compared to the same quarter last year. As a group, research analysts predict that Coinbase Global, Inc. will post 1.42 EPS for the current year.

Coinbase Global 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.