Nomura Asset Management Co. Ltd. Acquires 3,374 Shares of Coinbase Global, Inc. $COIN

Nomura Asset Management Co. Ltd. increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,859 shares of the cryptocurrency exchange’s stock after acquiring an additional 3,374 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Coinbase Global were worth $16,024,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. REAP Financial Group LLC bought a new position in Coinbase Global during the third quarter worth about $25,000. Palisade Asset Management LLC acquired a new stake in Coinbase Global during the third quarter worth about $29,000. Foster Dykema Cabot & Partners LLC acquired a new stake in Coinbase Global during the third quarter worth about $35,000. Stephens Consulting LLC grew its stake in Coinbase Global by 99.0% during the fourth quarter. Stephens Consulting LLC now owns 201 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 100 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID grew its stake in Coinbase Global by 728.0% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 207 shares of the cryptocurrency exchange’s stock worth $47,000 after buying an additional 182 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase invested in ProShares’ new GENIUS Money Market ETF, a stablecoin reserve-focused fund that could benefit if demand grows for compliant reserve assets under the new GENIUS Act. Coinbase invests in ProShares ETF tailored for stablecoin reserve assets
• Positive Sentiment: Coinbase is expanding its U.S. derivatives offering and leaning into the large global crypto futures market, which could boost trading activity and fee revenue. Coinbase Global to Unlock U.S. Crypto Derivatives Opportunity?
• Positive Sentiment: The company relaunched direct INR deposits and withdrawals in India, reopening access to a major crypto growth market and potentially broadening user adoption. Coinbase launches rupee bank rails in India after FIU nod

Coinbase Global Trading Down 4.7%

COIN opened at $173.99 on Wednesday. The company’s 50 day moving average is $188.19 and its 200-day moving average is $210.58. Coinbase Global, Inc. has a 1-year low of $139.36 and a 1-year high of $444.64. 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 company has a market cap of $45.84 billion, a P/E ratio of 65.41, a PEG ratio of 6.32 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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 net margin of 12.20% and a return on equity of 4.16%. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was down 30.5% on a year-over-year basis. Equities research analysts predict that Coinbase Global, Inc. will post 1.77 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alesia J. Haas sold 10,020 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares in the company, valued at approximately $75,440,200. This trade represents a 2.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 that occurred on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the sale, the insider owned 84,753 shares in the company, valued at approximately $14,991,110.64. The trade was a 2.26% 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. In the last three months, insiders have sold 28,546 shares of company stock worth $5,607,095. Corporate insiders own 16.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on COIN shares. Sanford C. Bernstein reduced their price objective on shares of Coinbase Global from $440.00 to $330.00 and set an “outperform” rating on the stock in a research note on Monday, March 30th. Mizuho increased their price objective on shares of Coinbase Global from $170.00 to $200.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Zacks Research upgraded shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Weiss Ratings upgraded shares of Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, Robert W. Baird reduced their price objective on shares of Coinbase Global from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Nineteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $250.81.

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.