Coinbase Global (NASDAQ:COIN) Coverage Initiated at Cantor Fitzgerald

Equities research analysts at Cantor Fitzgerald assumed coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating and a $277.00 price target on the cryptocurrency exchange’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 31.66% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Rothschild & Co Redburn dropped their target price on shares of Coinbase Global from $404.00 to $403.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Needham & Company LLC dropped their price objective on Coinbase Global from $400.00 to $290.00 and set a “buy” rating on the stock in a research note on Monday, December 29th. Erste Group Bank lowered Coinbase Global from a “buy” rating to a “hold” rating in a research report on Thursday, November 20th. Raymond James Financial reiterated a “market perform” rating on shares of Coinbase Global in a report on Thursday, January 8th. Finally, Benchmark reissued a “buy” rating on shares of Coinbase Global in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $360.15.

Check Out Our Latest Analysis on Coinbase Global

Coinbase Global Trading Down 1.4%

Shares of NASDAQ COIN traded down $3.09 during trading on Tuesday, reaching $210.39. The company had a trading volume of 2,709,030 shares, compared to its average volume of 8,621,925. The stock has a market cap of $56.73 billion, a P/E ratio of 18.20 and a beta of 3.70. The company’s fifty day moving average price is $248.62 and its 200-day moving average price is $305.24. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $444.64.

Coinbase Global (NASDAQ:COINGet Free Report) last announced its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The firm’s revenue was up 55.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 earnings per share. As a group, research analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 40,000 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $248.96, for a total transaction of $9,958,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 8,050 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $250.00, for a total transaction of $2,012,500.00. Following the transaction, the chief financial officer directly owned 70,664 shares in the company, valued at approximately $17,666,000. This represents a 10.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 820,587 shares of company stock valued at $240,717,580 over the last ninety days. 16.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently made changes to their positions in COIN. Ameriflex Group Inc. raised its position in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after acquiring an additional 30 shares during the period. Capital Advisors Wealth Management LLC lifted its position in shares of Coinbase Global by 2.0% during the third quarter. Capital Advisors Wealth Management LLC now owns 1,549 shares of the cryptocurrency exchange’s stock worth $523,000 after acquiring an additional 30 shares in the last quarter. Elevation Wealth Partners LLC boosted its stake in Coinbase Global by 37.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 117 shares of the cryptocurrency exchange’s stock worth $39,000 after purchasing an additional 32 shares during the period. West Family Investments Inc. increased its position in shares of Coinbase Global by 3.3% during the third quarter. West Family Investments Inc. now owns 1,029 shares of the cryptocurrency exchange’s stock valued at $347,000 after buying an additional 33 shares during the period. Finally, Pettinga Financial Advisors LLC increased its holdings in Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after acquiring an additional 34 shares during the period. 68.84% of the stock is currently owned by institutional investors.

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About Coinbase Global

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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.

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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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