Coinbase Global (NASDAQ:COIN) Rating Lowered to Hold at Erste Group Bank

Coinbase Global (NASDAQ:COIN) was downgraded by equities researchers at Erste Group Bank from a “buy” rating to a “hold” rating in a research note issued on Thursday.

A number of other equities research analysts have also issued reports on the company. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Redburn Partners set a $417.00 price objective on Coinbase Global in a report on Friday, October 3rd. BTIG Research raised their target price on shares of Coinbase Global from $410.00 to $420.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Coinbase Global in a research report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $399.94.

Coinbase Global Stock Down 1.7%

COIN stock opened at $257.29 on Thursday. The firm has a market cap of $69.38 billion, a PE ratio of 22.26 and a beta of 3.67. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The firm has a 50 day simple moving average of $330.40 and a 200 day simple moving average of $315.72.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business posted $0.28 earnings per share. The firm’s quarterly revenue was up 55.1% compared to the same quarter last year. Equities research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 40,000 shares of Coinbase Global stock in a transaction on Monday, November 17th. The shares were sold at an average price of $271.87, for a total transaction of $10,874,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 55,688 shares of Coinbase Global stock in a transaction on Monday, November 10th. The shares were sold at an average price of $321.81, for a total transaction of $17,920,955.28. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 762,830 shares of company stock valued at $237,203,979. 17.65% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. J.W. Cole Advisors Inc. increased its position in Coinbase Global by 49.6% in the 1st quarter. J.W. Cole Advisors Inc. now owns 4,923 shares of the cryptocurrency exchange’s stock worth $848,000 after purchasing an additional 1,632 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of Coinbase Global by 461.3% in the 1st quarter. Allianz Asset Management GmbH now owns 70,925 shares of the cryptocurrency exchange’s stock valued at $12,215,000 after buying an additional 58,290 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Coinbase Global by 5.3% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,188 shares of the cryptocurrency exchange’s stock worth $1,927,000 after buying an additional 562 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in Coinbase Global by 0.5% in the first quarter. KLP Kapitalforvaltning AS now owns 65,400 shares of the cryptocurrency exchange’s stock worth $11,264,000 after buying an additional 300 shares during the last quarter. Finally, Oak Thistle LLC raised its position in Coinbase Global by 2.5% during the first quarter. Oak Thistle LLC now owns 5,309 shares of the cryptocurrency exchange’s stock valued at $914,000 after acquiring an additional 128 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.