Fulton Bank N.A. Decreases Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Fulton Bank N.A. reduced its position in Coinbase Global, Inc. (NASDAQ:COIN) by 1.4% in the 2nd quarter, Holdings Channel reports. The firm owned 5,322 shares of the cryptocurrency exchange’s stock after selling 78 shares during the period. Fulton Bank N.A.’s holdings in Coinbase Global were worth $1,183,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in COIN. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global in the 4th quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at about $29,000. Concord Wealth Partners lifted its holdings in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on COIN shares. Sanford C. Bernstein boosted their target price on Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Oppenheimer upped their price objective on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Compass Point reduced their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Piper Sandler upped their price objective on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $248.38.

Coinbase Global Price Performance

Shares of COIN traded up $4.70 on Tuesday, reaching $194.17. The stock had a trading volume of 7,032,250 shares, compared to its average volume of 11,278,768. The firm has a market capitalization of $47.68 billion, a PE ratio of 38.76 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 firm has a 50-day moving average of $232.54 and a 200 day moving average of $216.27. Coinbase Global, Inc. has a twelve month low of $69.63 and a twelve month high of $283.48.

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

Insider Buying and Selling

In related news, insider Paul Grewal sold 17,444 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $239.07, for a total value of $4,170,337.08. Following the sale, the insider now owns 71,195 shares in the company, valued at approximately $17,020,588.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 17,444 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $239.07, for a total transaction of $4,170,337.08. Following the sale, the insider now owns 71,195 shares in the company, valued at approximately $17,020,588.65. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the sale, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The disclosure for this sale can be found here. Insiders have sold a total of 258,601 shares of company stock worth $56,091,678 in the last quarter. Company insiders own 23.43% of the company’s stock.

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.