HC Wainwright Cuts Earnings Estimates for Coinbase Global

Coinbase Global, Inc. (NASDAQ:COIN) – HC Wainwright lowered their FY2024 earnings per share estimates for Coinbase Global in a research report issued on Thursday, October 31st. HC Wainwright analyst M. Colonnese now forecasts that the cryptocurrency exchange will post earnings per share of $4.15 for the year, down from their prior estimate of $4.37. HC Wainwright has a “Buy” rating and a $295.00 price objective on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is $4.27 per share. HC Wainwright also issued estimates for Coinbase Global’s Q4 2024 earnings at $0.23 EPS, Q1 2025 earnings at $0.41 EPS, Q2 2025 earnings at $0.54 EPS, Q3 2025 earnings at $0.75 EPS, Q4 2025 earnings at $1.07 EPS and FY2025 earnings at $2.77 EPS.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the business posted ($0.01) EPS. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group cut their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Needham & Company LLC lifted their price objective on shares of Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Barclays increased their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Stock Up 4.1 %

Shares of NASDAQ COIN opened at $193.96 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1 year low of $84.09 and a 1 year high of $283.48. The stock has a market capitalization of $48.20 billion, a P/E ratio of 33.10 and a beta of 3.34. The company has a 50-day moving average price of $180.63 and a 200-day moving average price of $208.40.

Insider Activity

In related news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,187 shares of company stock worth $15,213,544. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of COIN. Crewe Advisors LLC increased its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory bought a new stake in Coinbase Global in the second quarter valued at $29,000. Geneos Wealth Management Inc. increased its position in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares during the period. Versant Capital Management Inc raised its holdings in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter worth about $32,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.