Rosenblatt Securities Reiterates Buy Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reissued by research analysts at Rosenblatt Securities in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $305.00 target price on the cryptocurrency exchange’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 61.74% from the company’s previous close.

Several other equities analysts have also commented on COIN. JMP Securities increased their price objective on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research report on Tuesday, February 18th. Piper Sandler lifted their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. HC Wainwright restated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Finally, Canaccord Genuity Group lifted their target price on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.72.

Coinbase Global Trading Down 2.8 %

Shares of Coinbase Global stock opened at $188.58 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $47.88 billion, a price-to-earnings ratio of 19.85 and a beta of 3.66. Coinbase Global has a twelve month low of $146.12 and a twelve month high of $349.75. The business has a 50-day moving average price of $241.79 and a 200-day moving average price of $241.51.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 25,194 shares of Coinbase Global stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $3,114,162.15. The trade was a 70.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now 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 disclosure for this sale can be found here. Insiders sold a total of 225,609 shares of company stock valued at $61,331,908 in the last three months. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after purchasing an additional 128,802 shares during the period. Geode Capital Management LLC raised its stake in Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after buying an additional 127,075 shares in the last quarter. Clear Street Derivatives LLC purchased a new stake in Coinbase Global during the third quarter worth $409,919,000. Norges Bank bought a new stake in Coinbase Global during the 4th quarter valued at $536,484,000. Finally, Groupama Asset Managment purchased a new position in shares of Coinbase Global in the 4th quarter valued at $372,450,000. 68.84% of the stock is currently 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.