PNC Financial Services Group Inc. Grows Stake in Coinbase Global, Inc. (NASDAQ:COIN)

PNC Financial Services Group Inc. raised its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 12.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,640 shares of the cryptocurrency exchange’s stock after purchasing an additional 610 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coinbase Global were worth $981,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $202,936,000. a16z Perennial Management L.P. purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $147,646,000. Morgan Stanley increased its position in shares of Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after acquiring an additional 511,397 shares during the last quarter. Hamilton Lane Advisors LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $88,015,000. Finally, Vanguard Group Inc. increased its position in shares of Coinbase Global by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after acquiring an additional 408,046 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 NASDAQ:COIN opened at $225.86 on Monday. Coinbase Global, Inc. has a 12 month low of $55.10 and a 12 month high of $283.48. The stock has a market cap of $55.46 billion, a price-to-earnings ratio of 45.08 and a beta of 3.44. The stock’s 50 day moving average price is $227.51 and its 200 day moving average price is $199.04. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, topping the consensus estimate of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Equities research analysts anticipate that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $274.97, for a total transaction of $4,504,008.60. Following the completion of the sale, the director now owns 4,662 shares in the company, valued at approximately $1,281,910.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $274.97, for a total transaction of $4,504,008.60. Following the completion of the sale, the director now owns 4,662 shares in the company, valued at approximately $1,281,910.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total value of $293,850.00. Following the sale, the chief operating officer now owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The disclosure for this sale can be found here. Insiders have sold a total of 367,901 shares of company stock valued at $83,355,331 over the last quarter. Corporate insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COIN. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Friday, May 3rd. JPMorgan Chase & Co. lifted their price target on Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Singular Research reiterated a “buy” rating on shares of Coinbase Global in a research note on Wednesday, May 8th. Mizuho lifted their price target on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. Finally, Oppenheimer lifted their price target on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus price target of $215.50.

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.