Coinbase Global (NASDAQ:COIN) Earns Buy Rating from Analysts at Monness Crespi & Hardt

Monness Crespi & Hardt started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report sent to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $245.00 price objective on the cryptocurrency exchange’s stock.

Several other analysts have also issued reports on COIN. HC Wainwright cut their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Bank of America decreased their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a report on Monday, August 5th. Compass Point lowered their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Trading Down 15.3 %

Shares of COIN stock opened at $179.25 on Monday. The stock has a market capitalization of $44.54 billion, a P/E ratio of 32.18 and a beta of 3.35. 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’s 50 day moving average is $181.56 and its 200 day moving average is $209.01. Coinbase Global has a 12-month low of $73.56 and a 12-month high of $283.48.

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

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $91,487.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,687 shares of company stock valued at $14,908,594. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Principal Financial Group Inc. lifted its position in shares of Coinbase Global by 219.2% during the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after purchasing an additional 36,843 shares during the last quarter. Crescent Grove Advisors LLC bought a new stake in Coinbase Global during the 3rd quarter valued at about $206,000. Clarity Capital Partners LLC grew its stake in Coinbase Global by 1.0% in the 3rd quarter. Clarity Capital Partners LLC now owns 16,681 shares of the cryptocurrency exchange’s stock worth $2,972,000 after acquiring an additional 165 shares in the last quarter. World Equity Group Inc. increased its position in shares of Coinbase Global by 22.4% during the third quarter. World Equity Group Inc. now owns 1,560 shares of the cryptocurrency exchange’s stock worth $278,000 after acquiring an additional 285 shares during the period. Finally, QRG Capital Management Inc. raised its stake in shares of Coinbase Global by 237.5% during the third quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after acquiring an additional 23,040 shares in the last quarter. 68.84% of the stock is 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.