Coinbase Global, Inc. $COIN Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp significantly increased its stake in Coinbase Global by 796.5% in the second quarter, acquiring a total of 5,451 shares worth approximately $1.91 million.
• Recent analyst ratings vary for Coinbase, with a consensus rating of "Hold" and an average price target of $356.18, alongside several upgrades from different financial institutions.
• Coinbase reported earnings of $0.12 EPS for the last quarter, missing expectations, with quarterly revenue of $1.50 billion, showing a 3.3% year-over-year increase.

Fifth Third Bancorp increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 796.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,451 shares of the cryptocurrency exchange's stock after acquiring an additional 4,843 shares during the period. Fifth Third Bancorp's holdings in Coinbase Global were worth $1,911,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global in the fourth quarter valued at approximately $25,000. Bessemer Group Inc. raised its holdings in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global in the first quarter valued at approximately $30,000. S Bank Fund Management Ltd purchased a new position in Coinbase Global in the first quarter valued at approximately $31,000. Finally, SouthState Corp raised its holdings in Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after buying an additional 104 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on COIN shares. Jefferies Financial Group raised their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Argus started coverage on shares of Coinbase Global in a research note on Monday, July 14th. They set a "buy" rating and a $400.00 price objective on the stock. Mizuho set a $300.00 price objective on shares of Coinbase Global in a research note on Thursday, September 18th. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Barclays lifted their price objective on shares of Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research note on Friday, August 15th. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $356.18.

Coinbase Global Stock Up 1.9%

Shares of NASDAQ:COIN opened at $312.59 on Friday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $328.31 and a 200 day simple moving average of $275.57. The firm has a market cap of $80.32 billion, a PE ratio of 30.23 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) 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 return on equity of 16.02% and a net margin of 40.87%.The firm's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.28, for a total value of $8,057,000.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $169,519.28. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $25,070,522.56. This trade represents a 10.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 749,515 shares of company stock valued at $283,990,425. 17.65% of the stock is owned by insiders.

Coinbase Global Company 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.

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