Q1 2023 EPS Estimates for Coinbase Global, Inc. Cut by Oppenheimer (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) – Equities researchers at Oppenheimer dropped their Q1 2023 earnings per share estimates for Coinbase Global in a research report issued to clients and investors on Sunday, March 12th. Oppenheimer analyst O. Lau now forecasts that the cryptocurrency exchange will earn ($1.36) per share for the quarter, down from their prior estimate of ($1.33). Oppenheimer has a “Outperform” rating and a $70.00 price target on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is ($4.07) per share. Oppenheimer also issued estimates for Coinbase Global’s Q3 2023 earnings at ($0.85) EPS, Q4 2023 earnings at ($0.86) EPS, FY2023 earnings at ($3.92) EPS and FY2024 earnings at ($3.36) EPS.

COIN has been the topic of a number of other reports. KeyCorp began coverage on Coinbase Global in a report on Monday, December 12th. They issued a “sector weight” rating on the stock. Barclays raised their price objective on Coinbase Global from $57.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 22nd. Wells Fargo & Company raised their price objective on Coinbase Global from $34.00 to $40.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 22nd. Canaccord Genuity Group lowered their price objective on Coinbase Global from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, February 22nd. Finally, Compass Point raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research report on Friday, February 17th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and an average price target of $69.38.

Coinbase Global Trading Up 2.9 %

Shares of NASDAQ:COIN opened at $64.47 on Wednesday. Coinbase Global has a 12-month low of $31.55 and a 12-month high of $206.79. The business’s fifty day simple moving average is $58.42 and its 200-day simple moving average is $56.97. The company has a market capitalization of $14.92 billion, a PE ratio of -5.44 and a beta of 2.63. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Coinbase Global (NASDAQ:COIN – Get Rating) last released its quarterly earnings data on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) EPS for the quarter, missing the consensus estimate of ($2.39) by ($0.07). The firm had revenue of $629.10 million for the quarter, compared to analysts’ expectations of $587.37 million. Coinbase Global had a negative return on equity of 44.89% and a negative net margin of 82.18%. The company’s revenue for the quarter was down 74.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.32 earnings per share.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently bought and sold shares of the business. Voya Investment Management LLC grew its holdings in shares of Coinbase Global by 6.0% during the fourth quarter. Voya Investment Management LLC now owns 21,542 shares of the cryptocurrency exchange’s stock worth $762,000 after purchasing an additional 1,215 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Coinbase Global by 13.9% during the fourth quarter. Harbour Investments Inc. now owns 2,244 shares of the cryptocurrency exchange’s stock worth $79,000 after purchasing an additional 274 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Coinbase Global by 3.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 81,860 shares of the cryptocurrency exchange’s stock worth $2,897,000 after purchasing an additional 2,621 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Coinbase Global by 62.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,317 shares of the cryptocurrency exchange’s stock worth $153,000 after purchasing an additional 1,652 shares during the last quarter. Finally, Bridgefront Capital LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth about $252,000. Hedge funds and other institutional investors own 46.41% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Jennifer N. Jones sold 8,197 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $62.12, for a total transaction of $509,197.64. Following the sale, the chief accounting officer now owns 34,752 shares of the company’s stock, valued at $2,158,794.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Jennifer N. Jones sold 8,197 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $62.12, for a total transaction of $509,197.64. Following the sale, the chief accounting officer now owns 34,752 shares of the company’s stock, valued at $2,158,794.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tobias Lutke acquired 4,960 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were bought at an average cost of $72.95 per share, for a total transaction of $361,832.00. Following the transaction, the director now directly owns 208,830 shares of the company’s stock, valued at approximately $15,234,148.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 67,526 shares of company stock worth $2,953,057 and have sold 338,857 shares worth $14,445,827. 36.10% of the stock is owned by insiders.

Coinbase Global Company Profile

(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.