Coinbase Global (NASDAQ:COIN) Research Coverage Started at BTIG Research

BTIG Research initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a report published on Wednesday, Marketbeat.com reports. The firm issued a buy rating and a $410.00 price target on the cryptocurrency exchange’s stock.

Several other equities research analysts have also weighed in on the company. Erste Group Bank started coverage on Coinbase Global in a report on Wednesday, July 23rd. They issued a “buy” rating for the company. Compass Point reiterated a “sell” rating and issued a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. The Goldman Sachs Group upped their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the company a “neutral” rating in a research note on Monday, July 7th. Monness Crespi & Hardt lowered shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. Finally, Bank of America dropped their target price on Coinbase Global from $369.00 to $340.00 in a research report on Wednesday. Fifteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus price target of $367.27.

Coinbase Global Stock Up 2.1%

Coinbase Global stock opened at $380.02 on Wednesday. The firm has a 50 day moving average price of $323.62 and a 200-day moving average price of $280.84. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a market capitalization of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68.

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

Insider Activity

In other news, insider Paul Grewal sold 15,439 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction 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 directly 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 disclosure for this sale can be found here. Insiders have sold 714,515 shares of company stock valued at $272,046,775 in the last three months. 17.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Coinbase Global by 25.5% during 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 buying an additional 4,914,407 shares in the last quarter. Geode Capital Management LLC grew its position in Coinbase Global by 46.1% during the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after acquiring an additional 34,462 shares in the last quarter. Groupama Asset Managment raised its stake in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $1,044,354,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.