Coinbase Global’s (COIN) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research report released on Monday morning,Benzinga reports. The brokerage currently has a $300.00 price objective on the cryptocurrency exchange’s stock.

A number of other research firms also recently weighed in on COIN. Benchmark increased their price target on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Citigroup reaffirmed a “neutral” rating on shares of Coinbase Global in a research note on Thursday, May 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Finally, Oppenheimer set a $293.00 price objective on shares of Coinbase Global in a research report on Thursday, May 15th. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $268.00.

Coinbase Global Stock Performance

Shares of COIN opened at $261.57 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $66.41 billion, a price-to-earnings ratio of 27.53 and a beta of 3.61. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The company’s 50 day simple moving average is $223.36 and its 200 day simple moving average is $240.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.53 EPS. On average, sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction on Wednesday, April 23rd. 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 transaction, the chief financial officer now directly owns 107,291 shares of the company’s stock, valued at $21,458,200. This trade represents a 6.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $104,226.90. This represents a 95.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,717 shares of company stock valued at $49,363,601 in the last ninety days. Corporate insiders own 17.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC lifted its position in shares of Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock worth $635,000 after buying an additional 44 shares during the last quarter. Stephens Inc. AR bought a new position in shares of Coinbase Global in the 4th quarter worth about $261,000. Allspring Global Investments Holdings LLC lifted its position in shares of Coinbase Global by 4.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,592 shares of the cryptocurrency exchange’s stock worth $2,210,000 after buying an additional 356 shares during the last quarter. V Square Quantitative Management LLC lifted its position in shares of Coinbase Global by 196.1% in the 4th quarter. V Square Quantitative Management LLC now owns 918 shares of the cryptocurrency exchange’s stock worth $235,000 after buying an additional 608 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Coinbase Global by 1.4% in the 4th quarter. Rhumbline Advisers now owns 263,403 shares of the cryptocurrency exchange’s stock worth $65,403,000 after buying an additional 3,613 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.