Entropy Technologies LP Sells 6,654 Shares of Coinbase Global, Inc. $COIN

Entropy Technologies LP trimmed its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 78.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,814 shares of the cryptocurrency exchange’s stock after selling 6,654 shares during the period. Entropy Technologies LP’s holdings in Coinbase Global were worth $317,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COIN. Formidable Asset Management LLC raised its holdings in shares of Coinbase Global by 2.2% in the 4th quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock valued at $469,000 after purchasing an additional 44 shares during the period. L2 Asset Management LLC grew its holdings in Coinbase Global by 5.0% during the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after purchasing an additional 46 shares during the period. Ancora Advisors LLC increased its position 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 buying an additional 51 shares during the last quarter. Fulton Bank N.A. raised its stake in Coinbase Global by 1.1% in the first quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock valued at $863,000 after buying an additional 53 shares during the period. Finally, SRH Advisors LLC raised its stake in Coinbase Global by 10.1% in the fourth quarter. SRH Advisors LLC now owns 600 shares of the cryptocurrency exchange’s stock valued at $136,000 after buying an additional 55 shares during the period. 68.84% of the stock is owned by institutional investors.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of Coinbase Global stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the sale, the insider directly owned 517 shares of the company’s stock, valued at $97,718.17. This represents a 92.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 30,627 shares of company stock valued at $5,327,841. Corporate insiders own 16.66% of the company’s stock.

Coinbase Global Price Performance

Coinbase Global stock opened at $163.58 on Friday. The company has a market capitalization of $43.10 billion, a price-to-earnings ratio of 61.50, a PEG ratio of 10.30 and a beta of 3.35. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a 12 month low of $139.18 and a 12 month high of $402.16. The stock’s 50 day moving average is $164.00 and its 200-day moving average is $181.97.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 1.42 EPS for the current year.

Coinbase Global News Summary

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.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on Coinbase Global from $226.00 to $228.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Benchmark reissued a “buy” rating on shares of Coinbase Global in a report on Wednesday, July 22nd. Raymond James Financial started coverage on shares of Coinbase Global in a research report on Wednesday, July 22nd. They set a “market perform” rating for the company. UBS Group set a $235.00 price objective on shares of Coinbase Global in a report on Thursday, July 23rd. Finally, Piper Sandler dropped their price objective on shares of Coinbase Global from $170.00 to $155.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $233.61.

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.