Fifth Third Wealth Advisors LLC Invests $531,000 in Coinbase Global, Inc. $COIN

Fifth Third Wealth Advisors LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 1,516 shares of the cryptocurrency exchange’s stock, valued at approximately $531,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COIN. Cadent Capital Advisors LLC grew its holdings in Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after buying an additional 30 shares during the last quarter. Ameriflex Group Inc. grew its holdings in Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock valued at $68,000 after buying an additional 30 shares during the last quarter. Capital Advisors Ltd. LLC grew its holdings in Coinbase Global by 13.7% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock valued at $113,000 after buying an additional 39 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Coinbase Global by 4.2% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange’s stock worth $356,000 after purchasing an additional 41 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of Coinbase Global by 1.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange’s stock worth $933,000 after purchasing an additional 41 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on COIN shares. BTIG Research started coverage on Coinbase Global in a report on Wednesday, October 1st. They set a “buy” rating and a $410.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Coinbase Global in a report on Saturday, September 27th. Rosenblatt Securities reissued a “buy” rating and set a $470.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Jefferies Financial Group lifted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a “hold” rating in a report on Tuesday, July 29th. Finally, Bank of America decreased their price objective on Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $367.12.

Coinbase Global Price Performance

Shares of COIN stock opened at $357.01 on Monday. The stock’s fifty day simple moving average is $325.06 and its 200 day simple moving average is $288.49. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The firm has a market cap of $91.73 billion, a price-to-earnings ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of the business’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 556,321 shares of company stock valued at $208,110,150. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global 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.