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

Entropy Technologies LP decreased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 78.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. MV Capital Management Inc. bought a new stake in shares of Coinbase Global in the fourth quarter worth about $27,000. Palisade Asset Management LLC bought a new position in shares of Coinbase Global during the 3rd quarter valued at about $29,000. Osbon Capital Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at about $30,000. Archer Investment Corp raised its holdings in Coinbase Global by 546.4% during the 1st quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock worth $32,000 after buying an additional 153 shares during the period. Finally, Brooklands Fund Management Ltd bought a new position in Coinbase Global in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN opened at $163.58 on Friday. 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. The stock has a market capitalization of $43.10 billion, a P/E ratio of 61.50, a P/E/G ratio of 10.30 and a beta of 3.35. The company has a 50 day moving average of $164.00 and a 200-day moving average of $181.97.

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). The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 1.42 EPS for the current fiscal year.

Key Coinbase Global News

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.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a report on Thursday, July 9th. Mizuho raised their price objective on shares of Coinbase Global from $170.00 to $200.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. Weiss Ratings raised shares of Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Citigroup reduced their target price on shares of Coinbase Global from $400.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Compass Point reiterated a “sell” rating on shares of Coinbase Global in a report on Monday, June 1st. Eighteen analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $233.61.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $158.15, for a total value of $324,365.65. The sale was disclosed in a legal 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 Paul Grewal sold 1,960 shares of Coinbase Global stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the sale, the insider directly owned 84,753 shares in the company, valued at approximately $14,991,110.64. This represents a 2.26% 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. Over 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.

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.