Janney Montgomery Scott LLC Raises Stake in Coinbase Global, Inc. $COIN

Janney Montgomery Scott LLC boosted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 84.8% in the 1st quarter, HoldingsChannel reports. The fund owned 209,090 shares of the cryptocurrency exchange’s stock after acquiring an additional 95,943 shares during the period. Janney Montgomery Scott LLC’s holdings in Coinbase Global were worth $36,509,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. North Dakota State Investment Board purchased a new stake in Coinbase Global during the 4th quarter worth about $1,626,000. Mizuho Markets Cayman LP purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $33,921,000. Harvest Portfolios Group Inc. raised its position in shares of Coinbase Global by 21.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock worth $85,159,000 after acquiring an additional 67,082 shares in the last quarter. Axxcess Wealth Management LLC raised its position in shares of Coinbase Global by 303.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock worth $4,594,000 after acquiring an additional 15,282 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Coinbase Global by 1.4% during the fourth quarter. Legal & General Group Plc now owns 1,210,082 shares of the cryptocurrency exchange’s stock worth $273,648,000 after purchasing an additional 16,298 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

COIN stock opened at $149.06 on Monday. 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 capitalization of $39.27 billion, a P/E ratio of 56.04, a PEG ratio of 5.26 and a beta of 3.32. The business has a 50 day simple moving average of $181.75 and a 200-day simple moving average of $196.32. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. President Capital increased their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. boosted their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Monness Crespi & Hardt restated a “sell” rating on shares of Coinbase Global in a report on Friday, June 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 target price on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $250.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Eighteen analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $250.65.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase secured a MiCA license in Luxembourg, giving it access to offer regulated crypto services across all 27 EU member states. That expands its international growth opportunity and signals progress on regulatory compliance. Coinbase (COIN) Secures MiCA License And Opens Luxembourg Hub For 27 EU States
• Positive Sentiment: ARK Invest reportedly bought more Coinbase shares during the recent pullback, a sign that a high-profile investor sees value at lower prices. ARK Invest Doubles Down on Coinbase (COIN), Circle, and Robinhood (HOOD) During Market Pullback
• Neutral Sentiment: Coinbase’s Base blockchain recovered after a roughly two-hour outage caused by a consensus issue and invalid block. The incident was temporary, but it may keep attention on operational reliability for Coinbase’s ecosystem. Coinbase’s Base resumes block production after 2-hour outage
• Negative Sentiment: The Base outage itself highlights execution risk in Coinbase’s layer-2 network and could weigh on sentiment if investors worry about infrastructure stability. Base Network Stalls After Invalid Block Freezes Sequencer
• Negative Sentiment: Broader crypto weakness is also a headwind: Ether plunged sharply, and articles noted a wider selloff across major tech and crypto-related names. Since Coinbase is highly tied to crypto trading volumes and market sentiment, weaker crypto prices can pressure the stock. Tether stablecoin flips Ether by market cap as ETH routs to $1.5K

Insider Buying and Selling

In related news, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 completion of the transaction, the director owned 30,000 shares in the company, valued at $5,446,200. This trade 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 30,647 shares of company stock valued at $5,740,941 in the last quarter. Corporate insiders own 16.66% of the company’s stock.

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.