Coinbase Global’s (COIN) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note published on Friday,Benzinga reports. They currently have a $470.00 target price on the cryptocurrency exchange’s stock.

A number of other brokerages have also recently issued reports on COIN. William Blair assumed coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an “outperform” rating for the company. JPMorgan Chase & Co. cut their target price on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Needham & Company LLC cut their target price on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, May 12th. JMP Securities lifted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research report on Monday, July 14th. Finally, Sanford C. Bernstein lifted their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 25th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $344.55.

Coinbase Global Stock Down 16.7%

COIN stock opened at $314.69 on Friday. The company has a market cap of $79.89 billion, a P/E ratio of 30.43, a P/E/G ratio of 21.92 and a beta of 3.70. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. The company’s 50-day moving average price is $327.63 and its 200 day moving average price is $259.38. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 EPS. On average, research analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares of the company’s stock, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,183,340 shares of company stock valued at $434,983,956 in the last ninety days. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in the business. Cadent Capital Advisors LLC increased its position in shares of Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after acquiring an additional 30 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after acquiring an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC increased its position in shares of Coinbase Global by 2.6% in the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after acquiring an additional 34 shares in the last quarter. Hemington Wealth Management increased its position in shares of Coinbase Global by 12.1% in the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after acquiring an additional 38 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of Coinbase Global by 13.7% in the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock worth $113,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.