Coinbase Global’s (COIN) “Neutral” Rating Reaffirmed at Piper Sandler

by · The Markets Daily

Coinbase Global (NASDAQ:COIN)‘s stock had its “neutral” rating reaffirmed by equities research analysts 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 suggest a potential upside of 33.97% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Mizuho raised their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday. Finally, Citigroup raised shares of 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $246.28.

Read Our Latest Research Report on Coinbase Global

Coinbase Global Stock Up 2.0 %

COIN stock traded up $3.63 during mid-day trading on Friday, reaching $182.88. 14,337,377 shares of the company traded hands, compared to its average volume of 10,434,816. The firm’s 50 day moving average price is $181.56 and its 200 day moving average price is $209.01. Coinbase Global has a fifty-two week low of $80.81 and a fifty-two week high of $283.48. The stock has a market cap of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN – Get Free Report) last released its 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). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company earned ($0.42) earnings per share. As a group, equities research analysts predict that Coinbase Global will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Paul Grewal sold 10,000 shares of the business’s 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of the firm’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 transaction, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. 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 worth $14,908,594 over the last three months. 23.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC grew its stake in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Coinbase Global during the 2nd quarter worth approximately $2,908,000. Intech Investment Management LLC increased its position in shares of Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Coinbase Global by 122.2% in the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock worth $1,337,000 after purchasing an additional 4,127 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

(Get Free Report)

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.

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