Coinbase Global, Inc. (NASDAQ:COIN) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 0.4% in the second quarter, HoldingsChannel.com reports. The firm owned 12,498 shares of the cryptocurrency exchange’s stock after acquiring an additional 55 shares during the quarter. Fifth Third Bancorp’s holdings in Coinbase Global were worth $2,777,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $34,422,000. Allspring Global Investments Holdings LLC grew its holdings in Coinbase Global by 87.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,504 shares of the cryptocurrency exchange’s stock valued at $1,131,000 after purchasing an additional 3,030 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of Coinbase Global in the fourth quarter valued at $59,000. Strs Ohio purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $765,000. Finally, Xponance Inc. grew its stake in Coinbase Global by 3.1% in the 4th quarter. Xponance Inc. now owns 6,454 shares of the cryptocurrency exchange’s stock valued at $1,122,000 after acquiring an additional 193 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Ratings Changes

COIN has been the subject of a number of research reports. Bank of America cut their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group reduced their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Compass Point dropped their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. Finally, JMP Securities reiterated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $248.38.

Coinbase Global Trading Up 4.6 %

Shares of NASDAQ COIN traded up $8.98 during trading on Wednesday, hitting $206.23. 7,477,154 shares of the company traded hands, compared to its average volume of 10,974,338. The firm has a market capitalization of $50.64 billion, a P/E ratio of 41.16 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $222.32 and a 200-day moving average price of $221.01. Coinbase Global, Inc. has a 1 year low of $69.63 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. Coinbase Global’s revenue was up 104.8% on a year-over-year basis. During the same period last year, the firm posted ($0.42) EPS. On average, equities analysts predict that Coinbase Global, Inc. will post 4.95 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the sale, the chief operating officer now directly owns 194,971 shares in the company, valued at $45,428,243. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total value of $349,500.00. Following the completion of the transaction, the chief operating officer now owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. The disclosure for this sale can be found here. In the last quarter, insiders sold 126,505 shares of company stock valued at $29,218,061. 23.43% of the stock is currently owned by corporate insiders.

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.