Benchmark Initiates Coverage on Coinbase Global (NASDAQ:COIN)

Benchmark initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a report issued on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $252.00 price objective on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other research reports. JMP Securities cut their price objective on shares of Coinbase Global from $475.00 to $400.00 and set a “market outperform” rating for the company in a report on Tuesday, April 8th. Cantor Fitzgerald started coverage on Coinbase Global in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target for the company. HC Wainwright restated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Monness Crespi & Hardt set a $420.00 target price on Coinbase Global in a research report on Tuesday, February 18th. Finally, Canaccord Genuity Group boosted their price target on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $295.65.

Coinbase Global Trading Up 2.8 %

Shares of NASDAQ:COIN opened at $209.64 on Wednesday. The stock has a market cap of $53.22 billion, a PE ratio of 22.07 and a beta of 3.65. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The business has a 50 day moving average of $191.91 and a 200-day moving average of $242.35.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, equities research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 20,000 shares of Coinbase Global stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $198.44, for a total transaction of $3,968,800.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $104,379.44. The trade was a 97.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $16,505,971.56. The trade was a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,970 shares of company stock worth $38,672,615 in the last ninety days. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of the company. Mascagni Wealth Management Inc. bought a new position in Coinbase Global during the fourth quarter worth $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global in the 4th quarter worth about $26,000. Bessemer Group Inc. lifted its stake in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares during the period. Wingate Wealth Advisors Inc. bought a new stake in shares of Coinbase Global during the 4th quarter valued at about $27,000. Finally, Atala Financial Inc acquired a new stake in Coinbase Global during the fourth quarter worth approximately $27,000. 68.84% of the stock is owned by 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.