Citizens Financial Group Inc. RI Takes Position in Coinbase Global, Inc. (NASDAQ:COIN)

Citizens Financial Group Inc. RI purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,883 shares of the cryptocurrency exchange's stock, valued at approximately $497,000.

Several other large investors have also made changes to their positions in COIN. Vanguard Group Inc. increased its holdings in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in Coinbase Global in the first quarter valued at about $602,000. McClarren Financial Advisors Inc. bought a new stake in Coinbase Global in the first quarter valued at about $30,000. Atria Wealth Solutions Inc. increased its holdings in Coinbase Global by 13.5% in the first quarter. Atria Wealth Solutions Inc. now owns 15,146 shares of the cryptocurrency exchange's stock valued at $2,609,000 after purchasing an additional 1,807 shares during the last quarter. Finally, Encompass More Asset Management bought a new stake in Coinbase Global in the first quarter valued at about $567,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Down 0.1%

NASDAQ:COIN opened at $310.54 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50-day simple moving average of $332.88 and a 200 day simple moving average of $260.33. The company has a market cap of $79.79 billion, a PE ratio of 30.03, a PEG ratio of 26.89 and a beta of 3.70. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,208,340 shares of company stock valued at $442,911,206. Corporate insiders own 17.65% of the company's stock.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent analyst reports. Citigroup upped their price objective on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Jefferies Financial Group upped their price objective on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Erste Group Bank initiated coverage on Coinbase Global in a report on Wednesday, July 23rd. They issued a "buy" rating for the company. Finally, Piper Sandler restated a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $352.18.

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.

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