Coinbase Global, Inc. (NASDAQ:COIN) Given Average Rating of “Hold” by Brokerages

Coinbase Global, Inc. (NASDAQ:COIN) has earned an average rating of “Hold” from the thirty-three brokerages that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and eighteen have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $251.7875.

Several analysts have recently commented on COIN shares. HC Wainwright lowered their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Robert W. Baird reduced their target price on Coinbase Global from $160.00 to $142.00 and set a “neutral” rating on the stock in a research note on Friday, June 5th. Oppenheimer lowered their target price on Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. Sanford C. Bernstein dropped their price target on Coinbase Global from $440.00 to $330.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Finally, Citigroup reissued a “market outperform” rating on shares of Coinbase Global in a report on Thursday.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase gained sympathy buying after Circle received OCC approval to launch a national trust bank, reinforcing a more constructive regulatory backdrop for crypto-related firms. Coinbase Stock Trades Higher After Circle Receives OCC Approval to Open National Trust Bank
• Positive Sentiment: Citizens JMP raised its price target on Coinbase to $325 and kept an outperform rating, which supports the idea that Wall Street still sees significant upside from current levels. Coinbase Global (NASDAQ:COIN) Given New $325.00 Price Target at Citizens Jmp
• Positive Sentiment: Bitcoin strength and reports of a rising “Coinbase Premium” suggested renewed U.S. crypto demand, which can boost Coinbase trading activity and investor expectations for volume-driven revenue. Bitcoin whales sent BTC price to $64K as Coinbase Premium broke key level: CryptoQuant
• Positive Sentiment: Coinbase also received attention for a UK authorization that could help it expand into a broader “everything exchange” offering, a potential long-term growth catalyst. Coinbase UK License Marks Major Step Toward Bringing ‘Everything Exchange’ to Life
• Neutral Sentiment: Analysts and market commentary continued to highlight Coinbase as a high-profile crypto proxy, keeping the stock in focus for traders, but these pieces were more commentary than fresh fundamental news. Is Trending Stock Coinbase Global, Inc. (COIN) a Buy Now?
• Neutral Sentiment: Coinbase’s chief legal officer, Paul Grewal, is stepping down after a successful tenure, but the company said the transition is orderly and succession plans are already in place. Coinbase restores prediction markets trading after technical issue
• Negative Sentiment: Recent analyst updates were mixed, with Barclays cutting its price target to $99 and maintaining an underweight rating, showing that not all analysts are bullish on the stock’s valuation and earnings outlook. Coinbase Global had its price target lowered by Barclays PLC

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the sale, the insider directly owned 84,753 shares of the company’s stock, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the sale, the chief financial officer owned 377,201 shares of the company’s stock, valued at approximately $75,440,200. This trade represents a 2.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,647 shares of company stock worth $7,331,841 in the last quarter. Corporate insiders own 16.66% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MV Capital Management Inc. purchased a new position in shares of Coinbase Global during the 4th quarter worth $27,000. Palisade Asset Management LLC purchased a new stake in shares of Coinbase Global in the third quarter valued at $29,000. Osbon Capital Management LLC purchased a new stake in shares of Coinbase Global in the fourth quarter valued at $30,000. Glen Eagle Advisors LLC increased its stake in Coinbase Global by 101.1% in the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock valued at $31,000 after purchasing an additional 88 shares during the last quarter. Finally, Archer Investment Corp increased its stake in Coinbase Global by 546.4% in the first quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 153 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Coinbase Global stock opened at $159.07 on Monday. Coinbase Global has a 52 week low of $139.18 and a 52 week high of $444.64. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The firm’s 50-day simple moving average is $173.89 and its 200 day simple moving average is $189.48. The firm has a market capitalization of $41.91 billion, a PE ratio of 59.80, a P/E/G ratio of 6.10 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s revenue was down 30.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. On average, equities research analysts predict that Coinbase Global will post 1.75 EPS for the current fiscal year.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.