Comerica Bank Buys 7,583 Shares of Coinbase Global, Inc. $COIN

Key Points

• Comerica Bank increased its stake in Coinbase Global, Inc. by 32.3%, now holding 31,088 shares valued at approximately $5.35 million.
• Several large investors also raised their stakes in Coinbase, including Jump Financial LLC, which increased its holdings by 135.5%, now owning 96,079 shares worth around $16.55 million.
• Coinbase's CEO, Brian Armstrong, sold 25,000 shares for about $8.17 million, significantly reducing his ownership by nearly 98%.

Comerica Bank grew its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 32.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 31,088 shares of the cryptocurrency exchange's stock after buying an additional 7,583 shares during the period. Comerica Bank's holdings in Coinbase Global were worth $5,354,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vivaldi Capital Management LP raised its holdings in shares of Coinbase Global by 0.3% during the fourth quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock valued at $3,437,000 after purchasing an additional 47 shares during the last quarter. Brooklyn Investment Group raised its holdings in shares of Coinbase Global by 7.1% during the first quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange's stock valued at $124,000 after purchasing an additional 48 shares during the last quarter. Rede Wealth LLC raised its holdings in shares of Coinbase Global by 0.6% during the first quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange's stock valued at $1,382,000 after purchasing an additional 50 shares during the last quarter. Callan Capital LLC raised its holdings in shares of Coinbase Global by 5.1% during the first quarter. Callan Capital LLC now owns 1,247 shares of the cryptocurrency exchange's stock valued at $215,000 after purchasing an additional 61 shares during the last quarter. Finally, TRU Independence Asset Management 2 LLC raised its holdings in shares of Coinbase Global by 2.7% during the first quarter. TRU Independence Asset Management 2 LLC now owns 2,493 shares of the cryptocurrency exchange's stock valued at $429,000 after purchasing an additional 65 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of COIN traded down $3.93 during mid-day trading on Friday, reaching $304.54. The stock had a trading volume of 6,599,918 shares, compared to its average volume of 11,573,422. The firm has a market cap of $78.25 billion, a price-to-earnings ratio of 29.45 and a beta of 3.70. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The business has a fifty day moving average of $348.44 and a 200 day moving average of $263.21. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

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 firm 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 business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 earnings per share. Equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,195,871 shares of company stock worth $442,626,576 in the last three months. 17.65% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on COIN. China Renaissance began coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Compass Point reaffirmed a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. Erste Group Bank initiated coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They set a "buy" rating for the company. Finally, Needham & Company LLC upped their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $352.72.

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.