Research analysts at China Renaissance began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $353.30 price target on the cryptocurrency exchange’s stock. China Renaissance’s target price points to a potential upside of 19.65% from the company’s current price.
Several other research analysts have also issued reports on the stock. Needham & Company LLC decreased their price target on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday, May 9th. HC Wainwright reiterated a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Finally, Barclays increased their price target on shares of Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a research note on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $271.88.
Read Our Latest Stock Report on COIN
Coinbase Global Stock Up 16.3%
Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm’s revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.53 earnings per share. Equities analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.
Insider Activity
In other news, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the sale, the chief financial officer now owns 114,866 shares of the company’s stock, valued at $22,973,200. This trade represents a 6.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 228,538 shares of company stock valued at $51,299,116 in the last 90 days. 17.65% of the stock is currently owned by insiders.
Institutional Trading of Coinbase Global
A number of institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in shares of Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after acquiring an additional 40 shares during the last quarter. IPG Investment Advisors LLC lifted its stake in shares of Coinbase Global by 2.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock worth $561,000 after purchasing an additional 45 shares during the period. Vivaldi Capital Management LP lifted its stake in shares of Coinbase Global by 0.3% in the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange’s stock worth $3,437,000 after purchasing an additional 47 shares during the period. Brooklyn Investment Group lifted its stake in shares of Coinbase Global by 7.1% in the 1st quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange’s stock worth $124,000 after purchasing an additional 48 shares during the period. Finally, Rede Wealth LLC lifted its stake in shares of Coinbase Global by 0.6% in the 1st quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange’s stock worth $1,382,000 after purchasing an additional 50 shares during the period. Hedge funds and other 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.
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