Coinbase Global (NASDAQ:COIN) Upgraded to “Hold” at B. Riley

B. Riley upgraded shares of Coinbase Global (NASDAQ:COIN) to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

Other equities analysts have also issued research reports about the stock. HC Wainwright lowered their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Bank of America decreased their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Barclays lifted their price target on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Compass Point decreased their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and an average target price of $242.82.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $198.93 on Tuesday. The company has a market cap of $48.85 billion, a PE ratio of 39.71 and a beta of 3.35. Coinbase Global has a fifty-two week low of $70.42 and a fifty-two week high of $283.48. The firm has a 50-day simple moving average of $180.85 and a 200 day simple moving average of $210.69. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global will post 3.92 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the transaction, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Gokul Rajaram sold 400 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now directly owns 7,771 shares in the company, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,187 shares of company stock valued at $13,158,294. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of COIN. Burford Brothers Inc. lifted its position in shares of Coinbase Global by 7.9% in the 3rd quarter. Burford Brothers Inc. now owns 7,081 shares of the cryptocurrency exchange’s stock worth $1,262,000 after purchasing an additional 516 shares during the period. Cullinan Associates Inc. increased its stake in shares of Coinbase Global by 0.8% in the 3rd quarter. Cullinan Associates Inc. now owns 302,925 shares of the cryptocurrency exchange’s stock worth $53,972,000 after acquiring an additional 2,300 shares in the last quarter. Ballentine Partners LLC increased its stake in Coinbase Global by 6.0% during the 3rd quarter. Ballentine Partners LLC now owns 3,313 shares of the cryptocurrency exchange’s stock valued at $590,000 after purchasing an additional 189 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Coinbase Global by 36.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,581 shares of the cryptocurrency exchange’s stock valued at $638,000 after purchasing an additional 952 shares in the last quarter. Finally, BOCHK Asset Management Ltd purchased a new stake in shares of Coinbase Global during the 3rd quarter valued at about $11,232,000. 68.84% of the stock is currently owned by hedge funds and other 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.