Coinbase Global (NASDAQ:COIN) Coverage Initiated at Sanford C. Bernstein

Sanford C. Bernstein initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report released on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $310.00 price target on the cryptocurrency exchange’s stock.

A number of other research firms have also weighed in on COIN. Bank of America lowered their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a research note on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 price target on Coinbase Global in a report on Tuesday, February 18th. Finally, Mizuho lowered their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $322.78.

Coinbase Global Price Performance

Coinbase Global stock opened at $189.75 on Monday. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75. The firm has a fifty day moving average of $250.03 and a 200-day moving average of $240.77. The firm has a market capitalization of $48.17 billion, a P/E ratio of 19.97 and a beta of 3.66. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $310.14, for a total value of $3,168,390.24. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,230,728.38. This trade represents a 49.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,470 shares in the company, valued at approximately $37,341,000. This trade represents a 13.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock valued at $60,955,968 in the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds have recently made changes to their positions in the stock. Copia Wealth Management bought a new stake in Coinbase Global during the 4th quarter valued at $26,000. Wingate Wealth Advisors Inc. bought a new stake in Coinbase Global during the 4th quarter valued at $27,000. Atala Financial Inc bought a new stake in Coinbase Global during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB raised its stake in Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $25,000. 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.