Rothschild & Co Redburn Upgrades Coinbase Global (NASDAQ:COIN) to Buy

Rothschild & Co Redburn upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research note released on Friday morning, Marketbeat reports. They currently have $417.00 target price on the cryptocurrency exchange’s stock, up from their previous target price of $325.00.

A number of other research firms have also recently issued reports on COIN. China Renaissance began coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They set a “buy” rating and a $353.30 target price for the company. Benchmark raised their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Jefferies Financial Group boosted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a “hold” rating in a report on Tuesday, July 29th. Argus started coverage on Coinbase Global in a research note on Monday, July 14th. They set a “buy” rating and a $400.00 target price on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and an average target price of $367.27.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $380.02 on Friday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a 50 day moving average of $323.62 and a 200-day moving average of $282.11.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the company posted $0.14 EPS. The firm’s revenue was up 3.3% 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.

Insider Activity at Coinbase Global

In other news, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares of the company’s stock, valued at $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 1,756 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total transaction of $527,713.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 714,515 shares of company stock valued at $272,046,775. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently added to or reduced their stakes in COIN. Envestnet Asset Management Inc. raised its holdings in Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after purchasing an additional 9,952 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after purchasing an additional 629 shares during the period. Kera Capital Partners Inc. lifted its stake in Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after buying an additional 1,085 shares during the period. Parallel Advisors LLC boosted its stake in Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock worth $3,738,000 after acquiring an additional 5,402 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after buying an additional 84 shares during the period. 68.84% of the stock is currently owned by institutional investors.

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.