California Public Employees Retirement System Lowers Stock Holdings in Coinbase Global, Inc. $COIN

California Public Employees Retirement System cut its position in Coinbase Global, Inc. (NASDAQ:COIN) by 23.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 296,268 shares of the cryptocurrency exchange’s stock after selling 89,963 shares during the quarter. California Public Employees Retirement System owned 0.11% of Coinbase Global worth $51,731,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of COIN. Formidable Asset Management LLC boosted its holdings in Coinbase Global by 2.2% during the 4th quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock valued at $469,000 after acquiring an additional 44 shares during the period. L2 Asset Management LLC grew its position in Coinbase Global by 5.0% in the 3rd quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock valued at $326,000 after acquiring an additional 46 shares in the last quarter. Ancora Advisors LLC increased its stake in Coinbase Global by 4.5% during the third quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock worth $396,000 after purchasing an additional 51 shares during the period. Fulton Bank N.A. increased its stake in Coinbase Global by 1.1% during the first quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock worth $863,000 after purchasing an additional 53 shares during the period. Finally, SRH Advisors LLC lifted its position in shares of Coinbase Global by 10.1% during the fourth quarter. SRH Advisors LLC now owns 600 shares of the cryptocurrency exchange’s stock worth $136,000 after purchasing an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on COIN. Jefferies Financial Group raised their price objective on shares of Coinbase Global from $151.00 to $181.00 and gave the company a “hold” rating in a research note on Thursday, April 9th. Oppenheimer cut their target price on shares of Coinbase Global from $224.00 to $209.00 and set an “outperform” rating on the stock in a research note on Thursday. B. Riley Financial reduced their target price on shares of Coinbase Global from $243.00 to $203.00 and set a “neutral” rating on the stock in a report on Monday, June 1st. Compass Point reissued a “sell” rating on shares of Coinbase Global in a research report on Monday, June 1st. Finally, Citizens Jmp dropped their price target on shares of Coinbase Global from $355.00 to $325.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. 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’s stock. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $245.39.

Coinbase Global News Summary

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

• Positive Sentiment: Coinbase vice chair Ryan VanGrack said Senate negotiators added stronger consumer protections to the CLARITY Act, which could improve the odds of crypto market-structure legislation passing and create a more favorable regulatory backdrop for Coinbase. Article: Democrats added certain consumer protection rules to CLARITY: Coinbase exec
• Positive Sentiment: Multiple headlines featured Coinbase CEO Brian Armstrong defending Bitcoin’s long-term durability and dismissing concerns about miners shifting energy use to AI, which can reinforce Coinbase’s image as a leading crypto industry voice. Article: Coinbase CEO Brian Armstrong: Hash Power Doesn’t Determine Bitcoin’s Price
• Neutral Sentiment: Armstrong also said Bitcoin is likely to remain a long-term gauge of inflation fears and commented that stablecoins, not Bitcoin, have best fulfilled Satoshi’s payments vision; this keeps Coinbase in the center of the crypto narrative but is not a direct business catalyst. Article: Coinbase CEO Brian Armstrong Says Bitcoin Will ‘Mostly’ Be a Measure of Inflation Fears in the Long Term
• Neutral Sentiment: Coinbase shares also got a routine lift from broad market movement, with recent coverage noting the stock outperformed a down market session. Article: Coinbase Global, Inc. (COIN) Ascends While Market Falls: Some Facts to Note
• Negative Sentiment: Prediction markets suggested Coinbase’s second-quarter trading volume may come in below analyst expectations, renewing concern that weaker crypto activity could pressure transaction revenue. Article: Coinbase trading results may fall short of expectations, according to prediction markets
• Negative Sentiment: Another piece argued Coinbase’s Base strategy showed the company may be building for an older crypto cycle, hinting at product and strategic execution risks. Article: Coinbase’s big Base mistake offers an important lesson for the crypto industry

Coinbase Global Stock Performance

Shares of COIN opened at $160.43 on Tuesday. The stock has a 50-day simple moving average of $169.28 and a 200-day simple moving average of $186.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The stock has a market capitalization of $42.27 billion, a PE ratio of 60.31, a PEG ratio of 10.14 and a beta of 3.35. Coinbase Global, Inc. has a 1 year low of $139.18 and a 1 year high of $436.38.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm posted $0.24 earnings per share. The business’s quarterly revenue was down 30.5% compared to the same quarter last year. On average, analysts predict that Coinbase Global, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Activity

In related news, 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. The trade was a 25.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. 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 have sold 30,627 shares of company stock worth $5,327,841 over the last three months. Insiders own 16.66% of the company’s stock.

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.