Daiwa Securities Trims Coinbase Stake Amid Institutional Shifts

Daiwa Securities Group decreased its stake in Coinbase Global (COIN) by 3.2% in Q4, selling 381 shares for a total holding value of $1,995,000 as reported in its recent Form 13F filing. Despite this decrease, several other hedge funds and institutional investors made adjustments to their COIN holdings during the quarter, including Barrett & Company Inc., AlphaMark Advisors LLC, Harbor Investment Advisory LLC, Coston McIsaac & Partners, and Steph & Co., contributing to the 68.84% institutional ownership of COIN.

Daiwa Securities Group Reduces Stake in Coinbase Global

In a recent filing with the Securities and Exchange Commission (SEC), Daiwa Securities Group Inc. disclosed that it has decreased its stake in Coinbase Global, Inc. (NASDAQ: COIN) by 3.2% during the fourth quarter of 2022. The firm sold 381 shares of the cryptocurrency exchange's stock, resulting in a holding of 11,472 shares as of the filing date. The value of Daiwa Securities Group Inc.'s Coinbase Global holdings stood at approximately $1,995,000 at the time of the report.

Other Institutional Activity

Alongside Daiwa Securities Group Inc.'s reduction, several other hedge funds and institutional investors have also adjusted their stakes in Coinbase Global:

• Barrett & Company Inc. acquired a new stake worth $26,000.
• AlphaMark Advisors LLC acquired a new stake worth $33,000.
• Harbor Investment Advisory LLC increased its stake by 68.0%, acquiring 100 additional shares for a total holding of 247 shares worth $43,000.
• Coston McIsaac & Partners acquired a new stake worth $52,000.
• Steph & Co. doubled its stake, acquiring 150 additional shares for a total holding of 300 shares worth $52,000.

Institutional investors and hedge funds collectively hold 68.84% of Coinbase Global's stock.

Coinbase Global Stock Performance

As of Tuesday, Coinbase Global stock opened trading at $225.86. The stock has a 50-day simple moving average of $226.26 and a 200-day simple moving average of $157.80. The company exhibits a quick ratio of 1.03, a current ratio of 1.03, and a debt-to-equity ratio of 0.47. Coinbase Global has a 12-month low of $46.43 and a 12-month high of $283.48. The company's market capitalization is $54.72 billion, its price-to-earnings ratio (P/E) stands at 836.52, and it has a beta of 3.41.

Recent Earnings Results

Coinbase Global reported its quarterly earnings on Thursday, February 15th. The cryptocurrency exchange exceeded analysts' consensus estimates, posting earnings per share (EPS) of $1.04 for the quarter, surpassing the expected ($0.09) EPS by $1.13. The company's return on equity was 3.54%, and its net margin reached 3.05%. Revenue for the quarter totaled $953.80 million, surpassing analysts' expectations of $826.10 million. Compared to the same quarter of the previous year, the company's revenue experienced a 51.6% increase.

Analysts forecast that Coinbase Global will generate EPS of 2.43 for the current fiscal year.

Analyst Rating Changes

Several brokerages have recently issued analyst ratings on Coinbase Global:

• The Goldman Sachs Group upgraded the stock from "sell" to "neutral" on March 8th.
• JPMorgan Chase & Co. raised its price target from $95.00 to $150.00 and maintained a "neutral" rating on March 15th.
• JMP Securities reiterated its "market outperform" rating on March 22nd.
• Piper Sandler raised its price target from $225.00 to $245.00 and maintained a "neutral" rating on April 12th.
• HC Wainwright raised its price target from $115.00 to $250.00 and assigned a "buy" rating on February 16th.

The consensus rating for Coinbase Global stands at "Hold," with an average price target of $165.43 among 21 analysts.

Insider Activity

Frederic Ernest Ehrsam III, a director of Coinbase Global, sold 16,380 shares on April 17th at an average price of $213.99, resulting in a total transaction value of $3,505,156.20. Following the sale, Ehrsam III owns 4,662 shares of the company, valued at $997,621.38.

Insider Paul Grewal also sold 10,000 shares on January 25th at an average price of $121.02, for a total transaction value of $1,210,200.00. Grewal now holds 61,665 shares of Coinbase Global, valued at $7,462,698.30.

Insiders have sold 607,358 shares of Coinbase Global in the past 90 days, with a total transaction value of $106,945,156. Insiders hold approximately 33.16% of the company's stock.

Company Profile

Coinbase Global provides a financial infrastructure and technology platform for the cryptocurrency economy globally. The company serves as a primary financial account for cryptocurrency users and operates a marketplace for institutions to trade in crypto assets.