Truist Financial Corp Invests $2.89 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Truist Financial Corp purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 16,616 shares of the cryptocurrency exchange’s stock, valued at approximately $2,890,000.

A number of other hedge funds have also recently added to or reduced their stakes in COIN. Kovack Advisors Inc. bought a new stake in Coinbase Global in the fourth quarter worth approximately $434,000. State of New Jersey Common Pension Fund D increased its position in Coinbase Global by 1.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 98,975 shares of the cryptocurrency exchange’s stock worth $17,214,000 after buying an additional 1,870 shares during the last quarter. Stevens Capital Management LP lifted its position in shares of Coinbase Global by 185.5% in the fourth quarter. Stevens Capital Management LP now owns 9,532 shares of the cryptocurrency exchange’s stock worth $1,658,000 after buying an additional 6,193 shares during the last quarter. Syon Capital LLC acquired a new stake in shares of Coinbase Global in the fourth quarter worth about $289,000. Finally, Atria Wealth Solutions Inc. boosted its stake in shares of Coinbase Global by 32.4% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,376 shares of the cryptocurrency exchange’s stock worth $1,283,000 after acquiring an additional 1,806 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on COIN shares. HC Wainwright boosted their target price on Coinbase Global from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, April 29th. TheStreet raised shares of Coinbase Global from a “d” rating to a “c-” rating in a report on Friday, February 16th. Wedbush lifted their target price on shares of Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Friday, May 3rd. Finally, Oppenheimer lifted their price objective on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Coinbase Global presently has an average rating of “Hold” and an average target price of $193.85.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $214.34 on Wednesday. Coinbase Global, Inc. has a twelve month low of $46.43 and a twelve month high of $283.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $51.93 billion, a P/E ratio of 42.78 and a beta of 3.46. The firm’s 50-day simple moving average is $237.03 and its 200-day simple moving average is $168.14.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The company’s revenue was up 51.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.46) EPS. As a group, research analysts expect that Coinbase Global, Inc. will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 64,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the sale, the chief financial officer now owns 219,490 shares in the company, valued at approximately $50,142,490.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the completion of the transaction, the chief financial officer now owns 219,490 shares in the company, valued at $50,142,490.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 42,113 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $190.34, for a total value of $8,015,788.42. Following the sale, the insider now owns 66,122 shares in the company, valued at $12,585,661.48. The disclosure for this sale can be found here. Insiders have sold 361,542 shares of company stock worth $81,392,237 over the last three months. Company insiders own 33.16% 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.