Coinbase Global (NASDAQ:COIN) Now Covered by Analysts at Raymond James Financial

Raymond James Financial began coverage on shares of Coinbase Global (NASDAQ:COIN) in a report released on Wednesday morning, MarketBeat reports. The brokerage issued a market perform rating on the cryptocurrency exchange’s stock.

A number of other research analysts have also commented on the stock. HC Wainwright reduced their target price on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating for the company in a report on Friday, May 8th. Citigroup reissued a “market outperform” rating on shares of Coinbase Global in a report on Thursday, July 9th. B. Riley Financial dropped their price target on Coinbase Global from $243.00 to $203.00 and set a “neutral” rating on the stock in a research report on Monday, June 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 17th. Finally, Zacks Research raised Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Eighteen analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $245.39.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $166.12 on Wednesday. The firm’s fifty day simple moving average is $167.94 and its 200-day simple moving average is $185.46. The stock has a market capitalization of $43.77 billion, a price-to-earnings ratio of 62.45, a PEG ratio of 11.34 and a beta of 3.35. Coinbase Global has a 12 month low of $139.18 and a 12 month high of $405.31. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The firm’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 EPS. As a group, equities analysts forecast that Coinbase Global will post 1.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 1,960 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $159.09, for a total value of $1,590,900.00. Following the completion of the sale, the director directly owned 20,000 shares of the company’s stock, valued at $3,181,800. This represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,627 shares of company stock worth $5,327,841 over the last quarter. 16.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Coinbase Global during the 4th quarter worth $656,744,000. Capital World Investors increased its holdings in shares of Coinbase Global by 847.2% in the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock valued at $347,472,000 after purchasing an additional 1,374,318 shares in the last quarter. Ruffer LLP acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $166,515,000. Southpoint Capital Advisors LP acquired a new stake in shares of Coinbase Global in the first quarter valued at about $104,766,000. Finally, Janus Henderson Group PLC boosted its holdings in Coinbase Global by 2,597.8% during the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange’s stock worth $124,221,000 after buying an additional 528,943 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Key Headlines Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase is benefiting from renewed optimism around U.S. crypto legislation, with the CLARITY Act reportedly close to a Senate floor vote. CEO Brian Armstrong said the bill is ready for full Senate consideration, and advocacy group Stand With Crypto said supporters made 950,000 contacts with lawmakers, reinforcing hopes for clearer digital-asset rules. Article: 950K Contacts Back CLARITY Act as Coinbase CEO Says Bill Is Ready for Full Senate Vote
• Positive Sentiment: The SEC agreed to pay $150,000 to settle Coinbase’s FOIA lawsuit over lost agency messages, which is a symbolic legal win and supports Coinbase’s broader criticism of the regulator. Article: US SEC settles FOIA lawsuit with Coinbase over lost messages, WSJ op-ed says
• Positive Sentiment: Coinbase is also expanding its product vision, including tokenized equities and an “Everything Exchange” push in Canada, which could support long-term growth if regulators approve the rollout. Article: Coinbase Wants to Be Canada’s One-Stop Shop for Stocks, Crypto and Prediction Markets
• Neutral Sentiment: Coinbase is being discussed more heavily by investors and media, but some of the coverage is commentary or interview-based rather than a direct business catalyst. Article: Coinbase’s John D’Agostino on why tokenized equities could transform investing
• Negative Sentiment: Raymond James initiated coverage with a “Market Perform” rating, citing valuation concerns and limited upside. That lukewarm view weighed on Coinbase shares and likely contributed to today’s weakness. Article: Coinbase Settles Records Lawsuit With the SEC: $150,000 and a Retention Overhaul
• Negative Sentiment: Investors are also focusing on leadership turnover, after Coinbase’s chief legal officer said he will step down at the end of July, adding another layer of uncertainty. Article: Coinbase Global (COIN) Faces A Legal Shake Up, Is It Still A Bargain?

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.