Coinbase Global (NASDAQ:COIN) Now Covered by Analysts at China Renaissance

China Renaissance began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $353.30 target price on the cryptocurrency exchange’s stock.

A number of other analysts also recently commented on the company. JMP Securities reaffirmed a “market outperform” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Thursday, May 8th. Bank of America decreased their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Mizuho decreased their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Oppenheimer set a $293.00 price target on Coinbase Global in a research report on Thursday, May 15th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Coinbase Global in a research report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.88.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $253.85 on Tuesday. The company has a market cap of $64.45 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 19.06 and a beta of 3.61. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75. The business has a 50 day moving average price of $224.90 and a 200-day moving average price of $240.73. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The business’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the company earned $2.53 earnings per share. Equities analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 1,952 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $250.00, for a total transaction of $488,000.00. Following the sale, the insider now owns 81,773 shares in the company, valued at $20,443,250. This trade represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director now owns 10,417 shares in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 220,717 shares of company stock worth $49,363,601. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the fourth quarter worth about $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global in the fourth quarter worth about $26,000. Bessemer Group Inc. increased its holdings in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 113 shares during the period. Atala Financial Inc purchased a new position in shares of Coinbase Global in the fourth quarter worth about $27,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Coinbase Global in the first quarter worth about $30,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.