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

Coinbase Global, Inc. (NASDAQ:COIN) has received a consensus rating of “Hold” from the thirty-three brokerages that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $250.6516.

Several equities analysts have weighed in on the company. Robert W. Baird dropped their target price on Coinbase Global from $160.00 to $142.00 and set a “neutral” rating for the company in a research report on Friday, June 5th. Mizuho lifted their target price on Coinbase Global from $170.00 to $200.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Weiss Ratings raised Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Piper Sandler dropped their target price on Coinbase Global from $180.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Finally, Oppenheimer lowered their price objective on Coinbase Global from $227.00 to $224.00 in a research report on Friday, May 8th.

Coinbase Global Stock Up 1.0%

Shares of COIN opened at $164.84 on Thursday. The firm has a market cap of $43.43 billion, a P/E ratio of 61.97, a price-to-earnings-growth ratio of 5.76 and a beta of 3.32. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. The company’s 50-day moving average price is $184.20 and its 200 day moving average price is $199.80. Coinbase Global has a 12-month low of $139.36 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s revenue was down 30.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. On average, sell-side analysts forecast that Coinbase Global will post 1.74 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 377,201 shares of the company’s stock, valued at approximately $75,440,200. The trade was a 2.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 30,647 shares of company stock valued at $5,740,941. 16.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. MV Capital Management Inc. acquired a new position in Coinbase Global in the fourth quarter valued at approximately $27,000. Palisade Asset Management LLC acquired a new position in Coinbase Global in the third quarter valued at approximately $29,000. Osbon Capital Management LLC acquired a new position in Coinbase Global in the fourth quarter valued at approximately $30,000. Glen Eagle Advisors LLC boosted its holdings in Coinbase Global by 101.1% in the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock valued at $31,000 after purchasing an additional 88 shares in the last quarter. Finally, Archer Investment Corp boosted its holdings in Coinbase Global by 546.4% in the first quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 153 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.