Coinbase Global, Inc. (NASDAQ:COIN) Receives Average Rating of “Hold” from Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have received an average recommendation of “Hold” from the twenty ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $284.17.

A number of research analysts recently commented on COIN shares. Piper Sandler upped their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Mizuho lifted their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. The Goldman Sachs Group reduced their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday. Finally, Monness Crespi & Hardt raised their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th.

Coinbase Global Stock Performance

Coinbase Global stock opened at $251.20 on Thursday. The company has a market capitalization of $62.89 billion, a price-to-earnings ratio of 42.87 and a beta of 3.59. Coinbase Global has a 12-month low of $114.51 and a 12-month high of $349.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm’s fifty day moving average price is $288.55 and its 200 day moving average price is $229.90.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS. On average, research analysts forecast that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 321,733 shares of company stock worth $95,173,894. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after buying an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after buying an additional 71,398 shares during the period. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at about $409,919,000. Renaissance Technologies LLC lifted its position in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after acquiring an additional 52,856 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.