PNC Financial Services Group Inc. Sells 122 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

PNC Financial Services Group Inc. decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,622 shares of the cryptocurrency exchange’s stock after selling 122 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coinbase Global were worth $2,427,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Crewe Advisors LLC grew its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in Coinbase Global during the second quarter valued at approximately $29,000. Versant Capital Management Inc lifted its holdings in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the period. ORG Wealth Partners LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $32,000. Finally, Spirit of America Management Corp NY purchased a new position in shares of Coinbase Global in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Oppenheimer raised their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday. Barclays boosted their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $255.22.

Coinbase Global Price Performance

NASDAQ:COIN opened at $312.22 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $78.16 billion, a price-to-earnings ratio of 53.28 and a beta of 3.34. Coinbase Global, Inc. has a one year low of $112.18 and a one year high of $341.75. The firm’s fifty day moving average is $217.21 and its two-hundred day moving average is $215.90.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Research analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Buying and Selling

In related news, Director Frederick R. Wilson sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the transaction, the director now directly owns 50,000 shares in the company, valued at approximately $15,000,000. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $91,487.18. This trade represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 177,129 shares of company stock worth $46,522,970. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.