PNC Financial Services Group Inc. Purchases 18,500 Shares of Coinbase Global, Inc. $COIN

PNC Financial Services Group Inc. lifted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 305.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,549 shares of the cryptocurrency exchange’s stock after purchasing an additional 18,500 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coinbase Global were worth $8,604,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of COIN. Wealth Alliance LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $325,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Coinbase Global in the second quarter worth about $473,000. Forsta AP Fonden lifted its stake in Coinbase Global by 4.4% during the second quarter. Forsta AP Fonden now owns 40,700 shares of the cryptocurrency exchange’s stock worth $14,265,000 after purchasing an additional 1,700 shares during the period. National Pension Service boosted its holdings in Coinbase Global by 58.4% during the second quarter. National Pension Service now owns 447,040 shares of the cryptocurrency exchange’s stock valued at $156,683,000 after purchasing an additional 164,770 shares in the last quarter. Finally, JFG Wealth Management LLC bought a new stake in shares of Coinbase Global in the 2nd quarter valued at approximately $300,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Activity

In related news, COO Emilie Choi sold 100,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the transaction, the chief operating officer directly owned 187,802 shares in the company, valued at $58,383,885.76. This represents a 34.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Alesia J. Haas sold 4,400 shares of Coinbase Global stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total transaction of $1,515,404.00. Following the sale, the chief financial officer directly owned 84,820 shares of the company’s stock, valued at $29,212,856.20. This represents a 4.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 668,346 shares of company stock worth $211,487,225. Corporate insiders own 17.65% of the company’s stock.

Coinbase Global Stock Performance

COIN stock opened at $284.00 on Friday. The stock has a market capitalization of $76.58 billion, a PE ratio of 24.57 and a beta of 3.67. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The company has a 50 day moving average price of $333.47 and a 200 day moving average price of $314.50. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm earned $0.28 EPS. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Redburn Partners set a $417.00 price objective on Coinbase Global in a report on Friday, October 3rd. UBS Group set a $404.00 target price on shares of Coinbase Global in a report on Friday, October 24th. Benchmark reiterated a “buy” rating on shares of Coinbase Global in a research report on Friday, October 31st. Finally, Bank of America decreased their price objective on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $399.94.

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.