Rosenblatt Securities Reaffirms “Buy” Rating for Coinbase Global (NASDAQ:COIN)

Rosenblatt Securities reaffirmed their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $260.00 price objective on the cryptocurrency exchange’s stock.

COIN has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research note on Friday, May 9th. Compass Point reaffirmed a “sell” rating and set a $180.00 target price on shares of Coinbase Global in a research note on Monday, April 28th. Piper Sandler upped their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Needham & Company LLC reiterated a “buy” rating and issued a $330.00 target price on shares of Coinbase Global in a report on Thursday, February 13th. Finally, Bank of America decreased their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $262.75.

Coinbase Global Trading Up 2.5%

Shares of NASDAQ COIN opened at $263.41 on Monday. Coinbase Global has a 52-week low of $142.58 and a 52-week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $66.87 billion, a P/E ratio of 27.73 and a beta of 3.62. The stock’s 50 day moving average price is $188.85 and its two-hundred day moving average price is $243.55.

Coinbase Global (NASDAQ:COIN) last announced 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 company 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 20.64% and a net margin of 39.34%. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same period last year, the business posted $2.53 EPS. On average, analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This represents a 11.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global 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 transaction, the chief financial officer now owns 114,866 shares of the company’s stock, valued at $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,128 shares of company stock worth $23,511,368. Company insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the business. SOA Wealth Advisors LLC. raised its stake in shares of Coinbase Global by 17.7% in the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock worth $66,000 after purchasing an additional 40 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Coinbase Global by 4.3% during the fourth quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock worth $239,000 after buying an additional 40 shares in the last quarter. Yousif Capital Management LLC lifted its stake in Coinbase Global by 1.7% during the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after acquiring an additional 44 shares in the last quarter. Capital Advisors Wealth Management LLC lifted its stake in Coinbase Global by 3.2% during the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after acquiring an additional 45 shares in the last quarter. Finally, IPG Investment Advisors LLC boosted its holdings in Coinbase Global by 2.0% during the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock worth $561,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

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.