Rosenblatt Securities Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective dropped by stock analysts at Rosenblatt Securities from $305.00 to $290.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 65.69% from the company’s previous close.

A number of other equities analysts have also weighed in on COIN. Monness Crespi & Hardt set a $420.00 price objective on Coinbase Global in a research note on Tuesday, February 18th. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Cantor Fitzgerald started coverage on Coinbase Global in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of Coinbase Global in a research note on Thursday, March 20th. They set a “neutral” rating and a $195.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $297.95.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $175.03 on Thursday. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75. The business’s 50 day moving average price is $200.17 and its 200 day moving average price is $241.39. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $44.44 billion, a P/E ratio of 18.42 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity

In related news, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 114,866 shares of the company’s stock, valued at approximately $22,973,200. This represents a 6.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 10,216 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,230,728.38. The trade was a 49.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,805 shares of company stock worth $41,907,752 over the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in COIN. Virtu Financial LLC purchased a new stake in Coinbase Global in the 3rd quarter valued at $3,866,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Coinbase Global during the 3rd quarter valued at about $94,000. Principal Financial Group Inc. grew its holdings in shares of Coinbase Global by 219.2% in the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after purchasing an additional 36,843 shares during the period. Versant Capital Management Inc increased its position in Coinbase Global by 106.9% during the fourth quarter. Versant Capital Management Inc now owns 298 shares of the cryptocurrency exchange’s stock worth $74,000 after purchasing an additional 154 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Coinbase Global by 25.9% during the fourth quarter. GAMMA Investing LLC now owns 1,039 shares of the cryptocurrency exchange’s stock worth $258,000 after purchasing an additional 214 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

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.