Coinbase Global (NASDAQ:COIN) Coverage Initiated at Rosenblatt Securities

Investment analysts at Rosenblatt Securities initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Friday, Marketbeat reports. The firm set a “buy” rating and a $305.00 price target on the cryptocurrency exchange’s stock. Rosenblatt Securities’ target price indicates a potential upside of 40.26% from the stock’s previous close.

COIN has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. HC Wainwright reissued a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a research report on Friday, February 21st. Piper Sandler increased their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Mizuho dropped their price target on shares of Coinbase Global from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Finally, Canaccord Genuity Group increased their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $311.21.

Coinbase Global Trading Up 1.5 %

Shares of NASDAQ:COIN opened at $217.45 on Friday. The stock has a market capitalization of $55.21 billion, a PE ratio of 22.89 and a beta of 3.66. Coinbase Global has a 1 year low of $146.12 and a 1 year high of $349.75. The firm has a fifty day moving average price of $262.21 and a 200 day moving average price of $241.45. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Analysts expect that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the sale, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This represents a 12.59 % 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. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now directly owns 10,417 shares in the company, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 219,455 shares of company stock valued at $60,955,968 over the last three months. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC boosted its stake in Coinbase Global by 20.1% in the third quarter. Janney Montgomery Scott LLC now owns 38,634 shares of the cryptocurrency exchange’s stock valued at $6,883,000 after acquiring an additional 6,466 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Coinbase Global by 219.2% in the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after acquiring an additional 36,843 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Coinbase Global in the third quarter valued at approximately $116,000. Verdence Capital Advisors LLC boosted its stake in Coinbase Global by 7.8% in the third quarter. Verdence Capital Advisors LLC now owns 7,140 shares of the cryptocurrency exchange’s stock valued at $1,272,000 after acquiring an additional 518 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in Coinbase Global by 76.6% in the third quarter. Assetmark Inc. now owns 2,879 shares of the cryptocurrency exchange’s stock valued at $513,000 after acquiring an additional 1,249 shares during 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.