PNC Financial Services Group Inc. Reduces Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

PNC Financial Services Group Inc. reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in COIN. Renaissance Technologies LLC increased its holdings in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. American Century Companies Inc. raised its holdings in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after purchasing an additional 435,886 shares during the period. APEIRON CAPITAL Ltd purchased a new position in Coinbase Global during the first quarter valued at $108,434,000. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Coinbase Global during the third quarter valued at about $29,756,000. Finally, International Assets Investment Management LLC purchased a new stake in Coinbase Global in the third quarter worth about $26,665,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 2.5 %

Shares of COIN stock opened at $312.22 on Tuesday. The company has a market cap of $78.16 billion, a PE ratio of 53.28 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s 50 day simple moving average is $217.21 and its two-hundred day simple moving average is $215.90. Coinbase Global, Inc. has a 1 year low of $112.18 and a 1 year high of $341.75.

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

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent research reports. B. Riley started 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. HC Wainwright reissued a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Barclays upped their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 target price for the company. Finally, Mizuho boosted their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $255.22.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction 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 completion of the sale, the director now owns 50,000 shares in the company, valued at approximately $15,000,000. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,129 shares of company stock valued at $46,522,970. Company insiders own 23.43% of the company’s stock.

About Coinbase Global

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.