Coinbase Global, Inc. (NASDAQ:COIN) Given Average Rating of “Buy” by Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have received a consensus rating of “Buy” from the twenty-four research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $237.78.

COIN has been the topic of a number of research reports. Citigroup reduced their target price on shares of Coinbase Global from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Tuesday, March 22nd. DA Davidson reduced their target price on shares of Coinbase Global from $225.00 to $160.00 in a report on Tuesday, May 10th. Daiwa Capital Markets initiated coverage on shares of Coinbase Global in a report on Friday, April 22nd. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of Coinbase Global from a “sell” rating to a “hold” rating in a report on Tuesday, April 26th. Finally, Oppenheimer reduced their target price on shares of Coinbase Global from $377.00 to $314.00 and set an “outperform” rating on the stock in a report on Monday, April 18th.

In other news, insider Paul Grewal sold 1,090 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of the sale, the insider now owns 43,220 shares of the company’s stock, valued at approximately $2,906,977.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III purchased 30,030 shares of the stock in a transaction dated Tuesday, May 24th. The stock was acquired at an average cost of $60.60 per share, with a total value of $1,819,818.00. Following the transaction, the director now directly owns 1,121,844 shares in the company, valued at approximately $67,983,746.40. The disclosure for this purchase can be found here. Insiders acquired a total of 1,121,844 shares of company stock worth $76,837,576 over the last 90 days.

Several institutional investors and hedge funds have recently made changes to their positions in the company. West Branch Capital LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $25,000. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $25,000. Wagner Wealth Management LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $27,000. Cornerstone Advisory LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $27,000. Finally, Gradient Investments LLC lifted its position in Coinbase Global by 222.9% during the fourth quarter. Gradient Investments LLC now owns 113 shares of the cryptocurrency exchange’s stock valued at $29,000 after acquiring an additional 78 shares during the last quarter. 39.01% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:COIN traded up $5.45 during trading hours on Friday, reaching $75.32. The company had a trading volume of 14,094,269 shares, compared to its average volume of 7,655,402. The firm has a market cap of $16.53 billion and a price-to-earnings ratio of 8.03. Coinbase Global has a 52 week low of $40.83 and a 52 week high of $368.90. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average price is $128.97 and its 200-day moving average price is $197.11.

Coinbase Global (NASDAQ:COINGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) EPS for the quarter, missing the consensus estimate of $0.74 by ($2.72). The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. The firm’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.05 EPS. On average, analysts forecast that Coinbase Global will post -7.6 earnings per share for the current fiscal year.

About Coinbase Global (Get Rating)

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.

Further Reading

Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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