Coinbase Global, Inc. (NASDAQ:COIN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-nine brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation, fifteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $367.1222.

A number of research firms have weighed in on COIN. Weiss Ratings reiterated a “hold (c+)” rating on shares of Coinbase Global in a research report on Saturday, September 27th. Rosenblatt Securities reiterated a “buy” rating and set a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Needham & Company LLC increased their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 1st. BTIG Research initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They set a “buy” rating and a $410.00 price target for the company. Finally, Erste Group Bank initiated coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a “buy” rating for the company.

Insider Buying and Selling at Coinbase Global

In other news, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 721,764 shares of company stock worth $273,595,798. 17.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Vanguard Group Inc. raised its holdings in shares of Coinbase Global by 25.5% during the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock worth $8,484,964,000 after acquiring an additional 4,914,407 shares during the period. Geode Capital Management LLC grew its position in Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares in the last quarter. ARK Investment Management LLC grew its position in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after acquiring an additional 34,462 shares in the last quarter. Groupama Asset Managment grew its position in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Coinbase Global during the second quarter worth about $1,044,354,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

COIN stock opened at $357.01 on Friday. Coinbase Global has a one year low of $142.58 and a one year high of $444.64. The company’s fifty day moving average price is $325.06 and its 200-day moving average price is $287.15. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company has a market capitalization of $91.73 billion, a PE ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

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.