Coinbase Global, Inc. (NASDAQ:COIN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have earned an average rating of “Hold” from the twenty research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $251.00.

COIN has been the subject of several research analyst reports. B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a report on Friday, November 1st. Needham & Company LLC boosted their target price on Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a report on Monday. Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. Finally, Barclays lifted their price target on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st.

Coinbase Global Stock Performance

Shares of COIN stock opened at $324.57 on Wednesday. The company has a market cap of $81.26 billion, a P/E ratio of 55.39 and a beta of 3.34. The firm has a fifty day moving average price of $205.45 and a 200 day moving average price of $213.30. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global has a 12 month low of $100.01 and a 12 month high of $334.86.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.01) EPS. Sell-side analysts predict that Coinbase Global will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $15,000,000. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gokul Rajaram sold 400 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,822 shares of company stock valued at $30,921,194. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Clear Street Derivatives LLC acquired a new position in Coinbase Global in the third quarter valued at $409,919,000. Cowen AND Company LLC lifted its position in Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after buying an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. 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.