Coinbase Global (NASDAQ:COIN) Now Covered by B. Riley

B. Riley started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $185.00 target price on the cryptocurrency exchange’s stock. B. Riley also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.70 EPS, Q4 2024 earnings at $0.99 EPS, FY2024 earnings at $4.98 EPS and FY2025 earnings at $3.71 EPS.

Several other brokerages have also recently issued reports on COIN. Barclays lifted their target price on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. The Goldman Sachs Group decreased their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. HC Wainwright decreased their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $242.82.

Coinbase Global Trading Down 2.0 %

Shares of NASDAQ COIN opened at $205.04 on Wednesday. Coinbase Global has a 1 year low of $70.42 and a 1 year high of $283.48. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a 50-day moving average of $181.15 and a 200 day moving average of $210.23. The stock has a market cap of $50.35 billion, a P/E ratio of 40.93 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. Coinbase Global’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.42) earnings per share. As a group, sell-side analysts expect that Coinbase Global will post 3.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the transaction, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total value of $349,500.00. Following the completion of the transaction, the chief operating officer now owns 194,971 shares in the company, valued at $45,428,243. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,187 shares of company stock worth $13,158,294. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Crewe Advisors LLC raised its position in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory bought a new stake in Coinbase Global in the 2nd quarter valued at $29,000. Concord Wealth Partners increased its holdings in Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares during the last quarter. 68.84% of the stock is currently owned by 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.