Rosenblatt Securities Cuts Coinbase Global (NASDAQ:COIN) Price Target to $290.00

Coinbase Global (NASDAQ:COIN) had its target price lowered by equities research analysts at Rosenblatt Securities from $305.00 to $290.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 65.69% from the company’s previous close.

Several other research analysts have also commented on COIN. Barclays lowered their price target on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Mizuho cut their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Cantor Fitzgerald initiated coverage on Coinbase Global in a research note on Tuesday, April 8th. They set an “overweight” rating and a $245.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $297.95.

Coinbase Global Stock Up 1.6 %

Shares of NASDAQ:COIN opened at $175.03 on Thursday. The business has a 50-day moving average price of $200.17 and a 200 day moving average price of $241.39. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $44.44 billion, a price-to-earnings ratio of 18.42 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share 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%. Sell-side analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity

In related news, CEO Brian Armstrong sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $88,646.78. This trade represents a 96.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares of the company’s stock, valued at approximately $22,973,200. This represents a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 166,805 shares of company stock valued at $41,907,752 in the last ninety days. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after buying an additional 128,802 shares during the last quarter. Geode Capital Management LLC raised its holdings in Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after purchasing an additional 127,075 shares in the last quarter. Norges Bank acquired a new stake in Coinbase Global in the fourth quarter valued at about $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global in the 4th quarter valued at approximately $372,450,000. Finally, Northern Trust Corp increased its position in Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock worth $321,488,000 after purchasing an additional 218,400 shares during the period. 68.84% of the stock is currently owned by hedge funds and other 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.