Huntington National Bank Acquires 14,130 Shares of Coinbase Global, Inc. $COIN

Key Points

• Huntington National Bank increased its Coinbase stake by 1,276.4% in the fourth quarter, buying 14,130 additional shares and bringing its total holdings to 15,237 shares worth about $3.45 million.
• Coinbase is seeing several positive business developments, including a partnership with Standard Chartered to expand multi-currency institutional funding rails and a new direct deposit feature that can route paychecks into crypto purchases.
• Despite the upbeat product news, analyst sentiment remains mixed: Goldman Sachs raised its price target, but other firms cut targets, and Coinbase’s latest earnings missed estimates with revenue down 30.5% year over year.

Huntington National Bank boosted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 1,276.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,237 shares of the cryptocurrency exchange's stock after acquiring an additional 14,130 shares during the period. Huntington National Bank's holdings in Coinbase Global were worth $3,446,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IPG Investment Advisors LLC grew its holdings in Coinbase Global by 88.4% in the 4th quarter. IPG Investment Advisors LLC now owns 3,544 shares of the cryptocurrency exchange's stock valued at $801,000 after buying an additional 1,663 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in Coinbase Global by 14.2% in the 4th quarter. Kingsview Wealth Management LLC now owns 3,392 shares of the cryptocurrency exchange's stock valued at $767,000 after buying an additional 421 shares in the last quarter. Eaton Financial Holdings Company LLC grew its holdings in Coinbase Global by 62.2% in the 4th quarter. Eaton Financial Holdings Company LLC now owns 1,557 shares of the cryptocurrency exchange's stock valued at $352,000 after buying an additional 597 shares in the last quarter. Geode Capital Management LLC grew its holdings in Coinbase Global by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange's stock valued at $1,374,080,000 after buying an additional 189,080 shares in the last quarter. Finally, Employees Retirement System of Texas acquired a new position in Coinbase Global in the 4th quarter valued at $517,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global News Roundup

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase expanded its institutional fiat infrastructure through a partnership with Standard Chartered, adding multi-currency funding and settlement rails for AUD, SGD, CAD, CHF, EUR and GBP. This could make it easier for global institutions to move money onto and off the platform, supporting trading volumes and Coinbase’s international growth. Coinbase, Standard Chartered Partner to Add 6 Currency Access
• Positive Sentiment: Coinbase’s Base network launched an AI-focused wallet integration tool that lets assistants like ChatGPT and Claude interact with crypto wallets and execute on-chain actions. Investors may view this as a new growth avenue tied to AI-enabled crypto usage. Base launches new tool to connect crypto wallets to AI agents
• Positive Sentiment: CEO Brian Armstrong said Coinbase’s new Direct Deposit feature is live, allowing users to route part of their paycheck directly into crypto purchases. That could improve customer engagement and make recurring buying easier. Brian Armstrong Says You Can Now Route Your Paycheck Directly To Coinbase For Automatic Crypto Investments
• Positive Sentiment: Goldman Sachs raised its price target on Coinbase and kept a buy rating, reinforcing the view that analysts still see meaningful upside from current levels. Goldman Sachs adjusts price target on Coinbase Global
• Neutral Sentiment: Some market commentary says Coinbase may still be range-bound and dependent on a stronger crypto market, so product news alone may not be enough to sustain momentum. Stock Of The Day: Is This The New Range For Coinbase
• Neutral Sentiment: Recent crypto headlines also point to weaker Bitcoin demand and negative Coinbase Premium readings, which could weigh on near-term trading activity. Sell in May and Walk Away” Plays Out as Bitcoin Flashes Bearish Signals
• Negative Sentiment: Insider Lawrence J. Brock sold shares under a pre-arranged trading plan, which may still be read cautiously by investors even though it does not necessarily signal a change in fundamentals. Coinbase insider trade filing

Analysts Set New Price Targets

COIN has been the topic of a number of research reports. Compass Point decreased their price objective on Coinbase Global from $190.00 to $140.00 and set a "sell" rating on the stock in a report on Friday, February 20th. Robert W. Baird decreased their price objective on Coinbase Global from $200.00 to $160.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. Citizens Jmp decreased their price objective on Coinbase Global from $400.00 to $355.00 and set a "market outperform" rating on the stock in a report on Friday, April 10th. UBS Group set a $264.00 price objective on Coinbase Global in a report on Friday, February 13th. Finally, Benchmark reduced their target price on Coinbase Global from $267.00 to $260.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Nineteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $252.10.

Coinbase Global Stock Performance

COIN opened at $182.25 on Friday. The firm has a market cap of $48.02 billion, a P/E ratio of 68.52, a price-to-earnings-growth ratio of 6.13 and a beta of 3.38. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.34 and a current ratio of 2.14. The business's fifty day moving average is $188.86 and its 200-day moving average is $212.34.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. Sell-side analysts expect that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the firm's stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares of the company's stock, valued at $75,440,200. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the sale, the insider directly owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 36,606 shares of company stock worth $7,264,410. 16.66% of the stock is currently owned by insiders.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

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