Coinbase Global (NASDAQ:COIN) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report issued on Monday,Benzinga reports. Rosenblatt Securities currently has a $260.00 target price on the cryptocurrency exchange’s stock.

COIN has been the topic of several other research reports. JPMorgan Chase & Co. reduced their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a report on Friday. Benchmark initiated coverage on Coinbase Global in a report on Wednesday, April 23rd. They set a “buy” rating and a $252.00 price target on the stock. Oppenheimer reduced their price target on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday. Canaccord Genuity Group reiterated a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a report on Friday. Finally, The Goldman Sachs Group initiated coverage on Coinbase Global in a report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price target on the stock. Eleven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $268.75.

Coinbase Global Price Performance

Coinbase Global stock opened at $207.22 on Monday. The company’s fifty day moving average price is $187.08 and its 200 day moving average price is $243.32. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The stock has a market capitalization of $52.61 billion, a P/E ratio of 21.81 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the firm earned $2.53 EPS. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $88,646.78. The trade was a 96.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This represents a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,742 shares of company stock worth $25,758,259 in the last 90 days. 17.65% of the stock is 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 stock. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global during the 4th quarter worth approximately $25,000. Copia Wealth Management acquired a new position in Coinbase Global during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in Coinbase Global during the 4th quarter worth approximately $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

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.