PNC Financial Services Group Inc. Sells 9,042 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

PNC Financial Services Group Inc. cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 59.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,049 shares of the cryptocurrency exchange's stock after selling 9,042 shares during the period. PNC Financial Services Group Inc.'s holdings in Coinbase Global were worth $1,042,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Wealthquest Corp bought a new position in shares of Coinbase Global in the 1st quarter worth $864,000. Harbour Investments Inc. raised its position in shares of Coinbase Global by 5.6% in the 1st quarter. Harbour Investments Inc. now owns 3,343 shares of the cryptocurrency exchange's stock worth $576,000 after acquiring an additional 178 shares in the last quarter. CAP Partners LLC raised its position in shares of Coinbase Global by 45.8% in the 1st quarter. CAP Partners LLC now owns 5,491 shares of the cryptocurrency exchange's stock worth $946,000 after acquiring an additional 1,725 shares in the last quarter. Arkadios Wealth Advisors raised its position in shares of Coinbase Global by 55.0% in the 1st quarter. Arkadios Wealth Advisors now owns 2,565 shares of the cryptocurrency exchange's stock worth $442,000 after acquiring an additional 910 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in shares of Coinbase Global by 1,745.6% in the 1st quarter. Bayforest Capital Ltd now owns 1,901 shares of the cryptocurrency exchange's stock worth $327,000 after acquiring an additional 1,798 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction dated Wednesday, June 25th. The stock was 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 trade represents a 99.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director 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 disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $442,911,206 in the last quarter. Company insiders own 17.65% of the company's stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $310.54 on Monday. The stock has a 50-day simple moving average of $332.88 and a two-hundred day simple moving average of $259.83. The firm has a market capitalization of $79.79 billion, a P/E ratio of 30.03 and a beta of 3.70. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. 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 released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 EPS. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on COIN shares. Keefe, Bruyette & Woods reduced their price target on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Williams Trading set a $405.00 target price on Coinbase Global in a research note on Thursday, July 31st. William Blair initiated coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating on the stock. Finally, JMP Securities boosted their target price on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $352.18.

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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