Coinbase Global, Inc. $COIN Stake Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 12.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,649 shares of the cryptocurrency exchange’s stock after selling 3,582 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coinbase Global were worth $5,800,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC bought a new position in Coinbase Global during the third quarter worth $25,000. Palisade Asset Management LLC bought a new position in Coinbase Global during the third quarter worth $29,000. Foster Dykema Cabot & Partners LLC bought a new position in Coinbase Global during the third quarter worth $35,000. Cloud Capital Management LLC bought a new position in Coinbase Global during the third quarter worth $36,000. Finally, JPL Wealth Management LLC bought a new position in Coinbase Global during the third quarter worth $49,000. 68.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. The Goldman Sachs Group raised their price objective on Coinbase Global from $225.00 to $231.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft cut their target price on Coinbase Global from $206.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Compass Point cut their target price on Coinbase Global from $190.00 to $140.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. Zacks Research upgraded Coinbase Global from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Finally, President Capital raised their price target on Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Nineteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $252.20.

Coinbase Global Price Performance

Shares of COIN opened at $184.99 on Monday. The firm has a market capitalization of $48.74 billion, a price-to-earnings ratio of 69.55, a price-to-earnings-growth ratio of 6.74 and a beta of 3.38. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34. Coinbase Global, Inc. has a one year low of $139.36 and a one year high of $444.64. The stock’s fifty day moving average is $190.49 and its 200-day moving average is $215.93.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The firm 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 4.06% and a net margin of 12.20%.Coinbase Global’s revenue was down 30.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 earnings per share. Equities analysts anticipate that Coinbase Global, Inc. will post 1.72 EPS for the current year.

Key Coinbase Global News

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

• Negative Sentiment: Bitcoin and Ethereum fell, weighing on crypto-related stocks and dragging Coinbase lower alongside other trading platforms like Robinhood. Coinbase and Other Crypto Stocks Are Falling. Several Possible Reasons for the Bad Day.
• Negative Sentiment: Crypto market sentiment has been hurt by Bitcoin slipping into the mid-$70,000s, a negative Coinbase premium, and reports of institutional selling and ETF outflows, all of which point to softer near-term trading volumes for Coinbase. Coinbase premium hits monthly low as institutional selling pressure mounts
• Neutral Sentiment: Coinbase continues to expand its product set, including launching perpetual-style equity index futures in June and supporting new stablecoin infrastructure, which could help diversify revenue over time. Traders Get AI, Defense, and China Perp Futures on Coinbase Starting June 8
• Neutral Sentiment: Management also highlighted AI-driven compliance improvements and faster resolution times, which is supportive for operating efficiency but not enough to offset the crypto selloff today. Coinbase CEO Brian Armstrong Says AI Is Doing ‘Most Of The Heavy Lifting’ In Compliance As Resolution Times Improve By 90%

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the transaction, the chief financial officer directly owned 377,201 shares of the company’s stock, valued at $75,440,200. This 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 29,990 shares of company stock valued at $6,013,920. Insiders own 16.66% of the company’s stock.

About Coinbase Global

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.