Coinbase Global’s (COIN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report published on Tuesday, Benzinga reports. They currently have a $315.00 price target on the cryptocurrency exchange’s stock.

COIN has been the topic of several other research reports. The Goldman Sachs Group dropped their target price on shares of Coinbase Global from $295.00 to $255.00 and set a neutral rating on the stock in a report on Friday, May 3rd. JMP Securities restated a market outperform rating and issued a $320.00 target price on shares of Coinbase Global in a report on Friday, May 3rd. Oppenheimer boosted their target price on shares of Coinbase Global from $276.00 to $282.00 and gave the company an outperform rating in a report on Friday, May 3rd. Barclays boosted their target price on shares of Coinbase Global from $179.00 to $204.00 and gave the company an underweight rating in a report on Monday, May 6th. Finally, Mizuho boosted their target price on shares of Coinbase Global from $84.00 to $145.00 and gave the company an underperform rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $215.50.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $235.95 on Tuesday. The firm has a market cap of $57.94 billion, a PE ratio of 47.10 and a beta of 3.44. The firm’s fifty day moving average is $228.90 and its 200-day moving average is $196.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. Coinbase Global has a 52 week low of $53.63 and a 52 week high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. Sell-side analysts predict that Coinbase Global will post 5.01 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the sale, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at approximately $51,071,061.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the sale, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at approximately $51,071,061.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gokul Rajaram sold 1,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $260.00, for a total transaction of $297,700.00. Following the completion of the sale, the director now directly owns 4,833 shares of the company’s stock, valued at $1,256,580. The disclosure for this sale can be found here. Insiders sold a total of 379,303 shares of company stock valued at $86,479,860 over the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the last quarter. Morgan Stanley boosted its stake in Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares during the last quarter. Norges Bank purchased a new position in Coinbase Global in the fourth quarter valued at about $202,936,000. Northern Trust Corp boosted its stake in Coinbase Global by 4.3% in the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after acquiring an additional 37,019 shares during the last quarter. Finally, a16z Perennial Management L.P. purchased a new position in Coinbase Global in the fourth quarter valued at about $147,646,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.