Coinbase Global (NASDAQ:COIN) Earns Buy Rating from Analysts at BTIG Research

Analysts at BTIG Research assumed coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating on the cryptocurrency exchange’s stock.

A number of other research analysts have also commented on the company. Keefe, Bruyette & Woods cut their price target on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. Sanford C. Bernstein upped their target price on Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Erste Group Bank began coverage on Coinbase Global in a research note on Wednesday, July 23rd. They issued a “buy” rating for the company. Argus began coverage on Coinbase Global in a research note on Monday, July 14th. They issued a “buy” rating and a $400.00 target price for the company. Finally, Mizuho set a $300.00 target price on Coinbase Global in a research note on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $361.70.

Coinbase Global Trading Up 7.5%

Shares of NASDAQ COIN opened at $372.07 on Wednesday. The stock has a market cap of $95.60 billion, a price-to-earnings ratio of 35.98 and a beta of 3.68. The business has a 50 day simple moving average of $323.85 and a 200 day simple moving average of $279.47. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 EPS. On average, research analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,756 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total value of $3,045,200.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,070,522.56. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 714,515 shares of company stock valued at $272,046,775. 17.65% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in shares of Coinbase Global by 24.0% during the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after purchasing an additional 9,952 shares during the last quarter. Amalgamated Bank boosted its holdings in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after acquiring an additional 629 shares during the last quarter. Kera Capital Partners Inc. boosted its holdings in Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after acquiring an additional 1,085 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Coinbase Global by 102.6% in the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after acquiring an additional 5,402 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after acquiring an additional 84 shares during the last quarter. Institutional investors 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.