HC Wainwright Equities Analysts Raise Earnings Estimates for Coinbase Global, Inc. (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) – Analysts at HC Wainwright increased their Q2 2024 earnings estimates for shares of Coinbase Global in a note issued to investors on Monday, April 29th. HC Wainwright analyst M. Colonnese now forecasts that the cryptocurrency exchange will post earnings of $0.71 per share for the quarter, up from their previous forecast of $0.57. HC Wainwright has a “Buy” rating and a $300.00 price target on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is $2.43 per share. HC Wainwright also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.91 EPS.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The firm had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. During the same quarter in the previous year, the company posted ($2.46) EPS. Coinbase Global’s revenue was up 51.6% on a year-over-year basis.

Other analysts have also recently issued research reports about the stock. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. JMP Securities reiterated a “market outperform” rating on shares of Coinbase Global in a research report on Friday, March 22nd. Piper Sandler upped their target price on shares of Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Barclays upped their target price on shares of Coinbase Global from $146.00 to $179.00 and gave the company an “underweight” rating in a research report on Monday, April 8th. Finally, TheStreet upgraded shares of Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $167.81.

Coinbase Global Stock Performance

COIN stock opened at $210.09 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average price of $233.11 and a 200 day moving average price of $163.99. Coinbase Global has a fifty-two week low of $46.43 and a fifty-two week high of $283.48. The stock has a market capitalization of $50.90 billion, a PE ratio of 778.11 and a beta of 3.41.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the business. Concord Wealth Partners boosted its stake in shares of Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Coinbase Global in the 1st quarter valued at about $32,000. Barrett & Company Inc. bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $26,000. Creekmur Asset Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $27,000. Finally, Riverview Trust Co bought a new stake in shares of Coinbase Global in the 1st quarter valued at about $43,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 42,113 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 419,797 shares of company stock valued at $85,822,565. Company insiders own 33.16% 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.