Coinbase Global (NASDAQ:COIN) Coverage Initiated by Analysts at William Blair

Research analysts at William Blair started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set an “outperform” rating on the cryptocurrency exchange’s stock.

A number of other research analysts also recently weighed in on the company. Piper Sandler lifted their price target on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Rosenblatt Securities restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report on Monday, May 12th. Citigroup reiterated a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research report on Friday, May 9th. Finally, Mizuho decreased their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $266.10.

Coinbase Global Stock Performance

Coinbase Global stock opened at $241.05 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market cap of $61.20 billion, a P/E ratio of 25.37 and a beta of 3.61. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The firm’s 50 day simple moving average is $219.34 and its 200-day simple moving average is $242.20.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was 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 in the company, valued at approximately $16,505,971.56. The trade was a 10.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $247.15, for a total value of $6,178,750.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $130,000.90. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,717 shares of company stock valued at $42,980,101 over the last ninety days. Corporate insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the 4th quarter worth $25,000. Copia Wealth Management bought a new stake in Coinbase Global during the fourth quarter valued at about $26,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of Coinbase Global in the fourth quarter worth about $35,000. Institutional investors own 68.84% of the company’s stock.

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.