Piper Sandler Reaffirms Neutral Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “neutral” rating reiterated by equities researchers at Piper Sandler in a research note issued to investors on Friday, Benzinga reports. They currently have a $245.00 target price on the cryptocurrency exchange’s stock. Piper Sandler’s price target would indicate a potential upside of 33.97% from the company’s current price.

Other research analysts also recently issued reports about the stock. JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday. Compass Point reduced their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Barclays lifted their price objective on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Stock Performance

Coinbase Global stock opened at $182.88 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 12 month low of $80.81 and a 12 month high of $283.48. The company has a market cap of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.35. The stock’s 50-day moving average is $180.98 and its 200-day moving average is $208.66.

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 the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The business’s revenue was up 104.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.42) EPS. Equities analysts anticipate that Coinbase Global will post 4.11 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,687 shares of company stock valued at $14,908,594. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in COIN. Creative Financial Designs Inc. ADV lifted its stake in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after buying an additional 51 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Coinbase Global by 0.4% in the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after acquiring an additional 55 shares in the last quarter. Versant Capital Management Inc boosted its stake in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC grew its position in Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its stake in Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the period. Institutional investors and hedge funds 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.