Coinbase Global (NASDAQ:COIN) Stock Rating Upgraded by B. Riley

B. Riley upgraded shares of Coinbase Global (NASDAQ:COIN) to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports. B. Riley also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.70 EPS, Q4 2024 earnings at $0.99 EPS, FY2024 earnings at $4.98 EPS and FY2025 earnings at $3.71 EPS.

Other analysts have also issued reports about the stock. Barclays raised their price objective on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Compass Point lowered their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Bank of America lowered their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $242.82.

Coinbase Global Stock Performance

Coinbase Global stock opened at $205.04 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average of $181.15 and a 200-day moving average of $210.23. The firm has a market cap of $50.35 billion, a P/E ratio of 40.93 and a beta of 3.35. Coinbase Global has a 1-year low of $70.42 and a 1-year high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company posted ($0.42) earnings per share. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. Sell-side analysts expect that Coinbase Global will post 3.92 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the transaction, the chief operating officer now owns 194,971 shares in the company, valued at $45,428,243. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the transaction, the director now owns 7,771 shares in the company, valued at $1,588,703.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,187 shares of company stock valued at $13,158,294. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Crewe Advisors LLC lifted its stake in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new position in Coinbase Global during the 2nd quarter valued at about $29,000. Concord Wealth Partners grew its holdings in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.