Coinbase Global (NASDAQ:COIN) Rating Increased to Buy at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research note published on Friday, MarketBeat.com reports. Rothschild & Co Redburn currently has $417.00 price target on the cryptocurrency exchange’s stock, up from their previous price target of $325.00.

COIN has been the subject of a number of other research reports. BTIG Research assumed coverage on shares of Coinbase Global in a research note on Wednesday. They issued a “buy” rating and a $410.00 price target for the company. Needham & Company LLC raised their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Keefe, Bruyette & Woods reduced their price target on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. Canaccord Genuity Group reissued a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Finally, Mizuho set a $300.00 price objective on Coinbase Global in a research report on Thursday, September 18th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $367.27.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $380.02 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50 day moving average price of $323.62 and a 200 day moving average price of $280.84. The stock has a market capitalization of $97.64 billion, a PE ratio of 36.75 and a beta of 3.68. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (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 the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 EPS. Analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 15,439 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 714,515 shares of company stock worth $272,046,775. Company insiders own 17.65% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 25.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock valued at $8,484,964,000 after acquiring an additional 4,914,407 shares during the last quarter. Geode Capital Management LLC grew its position in Coinbase Global by 46.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. ARK Investment Management LLC increased its holdings in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment raised its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Finally, Norges Bank bought a new position in Coinbase Global in the second quarter valued at about $1,044,354,000. Institutional investors and hedge funds 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.