M&T Bank Corp Buys New Position in Coinbase Global, Inc. (NASDAQ:COIN)

M&T Bank Corp bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,120 shares of the cryptocurrency exchange’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tradewinds Capital Management LLC grew its position in Coinbase Global by 1,210.0% in the 2nd quarter. Tradewinds Capital Management LLC now owns 524 shares of the cryptocurrency exchange’s stock valued at $25,000 after buying an additional 484 shares in the last quarter. WD Rutherford LLC bought a new position in Coinbase Global in the 1st quarter valued at about $28,000. Oakworth Capital Inc. bought a new position in Coinbase Global in the 2nd quarter valued at about $29,000. PSI Advisors LLC bought a new position in Coinbase Global in the 2nd quarter valued at about $34,000. Finally, Tradition Wealth Management LLC grew its position in Coinbase Global by 32.9% in the 2nd quarter. Tradition Wealth Management LLC now owns 796 shares of the cryptocurrency exchange’s stock valued at $37,000 after buying an additional 197 shares in the last quarter. Institutional investors own 49.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on COIN shares. The Goldman Sachs Group cut their price target on shares of Coinbase Global from $49.00 to $41.00 and set a “sell” rating for the company in a report on Monday. Citigroup cut their price target on shares of Coinbase Global from $105.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, November 10th. Cowen cut their price target on shares of Coinbase Global from $85.00 to $75.00 in a report on Friday, November 4th. Compass Point cut their price target on shares of Coinbase Global from $95.00 to $75.00 in a report on Wednesday, October 26th. Finally, Wedbush cut their price target on shares of Coinbase Global from $100.00 to $75.00 in a report on Friday, November 4th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average target price of $103.30.

Coinbase Global Stock Performance

COIN stock opened at $48.83 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $11.08 billion, a P/E ratio of -8.04 and a beta of 2.50. The firm has a 50 day simple moving average of $66.36 and a 200 day simple moving average of $68.17. Coinbase Global, Inc. has a 52 week low of $40.83 and a 52 week high of $348.49.

Insider Buying and Selling

In related news, Director Tobias Lutke purchased 5,177 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was acquired at an average cost of $71.94 per share, for a total transaction of $372,433.38. Following the completion of the acquisition, the director now owns 38,630 shares in the company, valued at approximately $2,779,042.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Coinbase Global news, Director Tobias Lutke acquired 5,177 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were purchased at an average price of $71.94 per share, with a total value of $372,433.38. Following the completion of the transaction, the director now owns 38,630 shares in the company, valued at $2,779,042.20. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 2,177 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $72.00, for a total transaction of $156,744.00. Following the transaction, the chief accounting officer now directly owns 27,417 shares in the company, valued at approximately $1,974,024. The disclosure for this sale can be found here. Over the last three months, insiders purchased 66,493 shares of company stock worth $4,466,529. 36.10% of the stock is owned by company insiders.

Coinbase Global Company Profile

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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