HC Wainwright Lowers Earnings Estimates for Coinbase Global

Coinbase Global, Inc. (NASDAQ:COIN) – Investment analysts at HC Wainwright dropped their Q3 2024 earnings estimates for shares of Coinbase Global in a report released on Tuesday, October 29th. HC Wainwright analyst M. Colonnese now expects that the cryptocurrency exchange will earn $0.46 per share for the quarter, down from their prior forecast of $0.66. HC Wainwright has a “Buy” rating and a $295.00 price objective on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is $4.11 per share. HC Wainwright also issued estimates for Coinbase Global’s Q4 2024 earnings at $0.61 EPS, FY2024 earnings at $4.37 EPS, Q1 2025 earnings at $0.84 EPS, Q2 2025 earnings at $1.11 EPS, Q3 2025 earnings at $1.36 EPS and Q4 2025 earnings at $1.72 EPS.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. The firm’s quarterly revenue was up 104.8% compared to the same quarter last year.

Other research analysts also recently issued research reports about the stock. Piper Sandler restated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a report on Friday. Mizuho raised their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. The Goldman Sachs Group cut their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Monness Crespi & Hardt initiated coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Price Performance

Shares of COIN opened at $182.88 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $45.44 billion, a PE ratio of 31.21 and a beta of 3.35. The firm’s 50 day moving average price is $180.98 and its 200 day moving average price is $208.73. Coinbase Global has a twelve month low of $80.81 and a twelve month high of $283.48.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction 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 directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the 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 directly owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,687 shares of company stock valued at $14,908,594 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Large investors have recently bought and sold shares of the stock. Resolute Advisors LLC lifted its holdings in Coinbase Global by 15.9% during the 3rd quarter. Resolute Advisors LLC now owns 8,230 shares of the cryptocurrency exchange’s stock valued at $1,466,000 after purchasing an additional 1,130 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after acquiring an additional 6,963 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of Coinbase Global by 76.6% in the 3rd quarter. Assetmark Inc. now owns 2,879 shares of the cryptocurrency exchange’s stock worth $513,000 after acquiring an additional 1,249 shares in the last quarter. Verdence Capital Advisors LLC grew its position in Coinbase Global by 7.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 7,140 shares of the cryptocurrency exchange’s stock worth $1,272,000 after acquiring an additional 518 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Coinbase Global during the 3rd quarter valued at $116,000. 68.84% of the stock is currently owned by 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.