Coinbase Global (NASDAQ:COIN) Receives Buy Rating from Rosenblatt Securities

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research report issued on Monday,Benzinga reports. They currently have a $260.00 price target on the cryptocurrency exchange’s stock. Rosenblatt Securities’ price target indicates a potential upside of 1.21% from the stock’s current price.

Several other brokerages also recently commented on COIN. Keefe, Bruyette & Woods lifted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday, May 9th. Compass Point reiterated a “sell” rating and issued a $180.00 price objective on shares of Coinbase Global in a research note on Monday, April 28th. Barclays reiterated an “equal weight” rating on shares of Coinbase Global in a research note on Thursday, May 8th. Monness Crespi & Hardt cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.75.

Coinbase Global Stock Performance

Shares of COIN stock opened at $256.90 on Monday. The company has a market capitalization of $65.22 billion, a price-to-earnings ratio of 27.04 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a 50-day simple moving average of $187.93 and a 200 day simple moving average of $243.41. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.53 EPS. On average, sell-side analysts predict 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 25,000 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $105,484.04. The trade was a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. The trade was a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,742 shares of company stock worth $25,758,259 in the last three months. 17.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in COIN. Principal Financial Group Inc. grew its holdings in Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after acquiring an additional 36,843 shares during the last quarter. Fiduciary Alliance LLC boosted its stake in shares of Coinbase Global by 19.5% in the 4th quarter. Fiduciary Alliance LLC now owns 11,453 shares of the cryptocurrency exchange’s stock valued at $2,844,000 after purchasing an additional 1,872 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Coinbase Global by 21.9% in the 4th quarter. Wedmont Private Capital now owns 1,766 shares of the cryptocurrency exchange’s stock valued at $457,000 after purchasing an additional 317 shares during the last quarter. Cadent Capital Advisors LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at $686,000. Finally, Cooper Financial Group bought a new stake in shares of Coinbase Global in the 4th quarter valued at $206,000. 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.