Coinbase Global (NASDAQ:COIN) Coverage Initiated by Analysts at Argus

Argus initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Monday morning, MarketBeat reports. The firm issued a buy rating and a $400.00 price target on the cryptocurrency exchange’s stock.

Several other research firms have also recently weighed in on COIN. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price target for the company in a report on Tuesday, May 13th. Barclays upped their target price on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. JMP Securities reissued a “market outperform” rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Wednesday, June 25th. Needham & Company LLC reduced their price objective on Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Finally, China Renaissance assumed coverage on Coinbase Global in a research report on Tuesday, June 17th. They issued a “buy” rating and a $353.30 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus price target of $305.71.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $394.01 on Monday. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $398.50. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $100.03 billion, a PE ratio of 73.78, a PEG ratio of 29.42 and a beta of 3.70. The stock’s fifty day simple moving average is $285.95 and its 200 day simple moving average is $247.02.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the firm earned $2.53 EPS. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. On average, research analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 12,931 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $267.29, for a total transaction of $3,456,326.99. Following the completion of the transaction, the insider owned 84,280 shares in the company, valued at approximately $22,527,201.20. This trade represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 670,915 shares of company stock worth $219,399,582 over the last ninety days. Insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new stake in Coinbase Global in the 4th quarter valued at $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global in the fourth quarter valued at about $26,000. Bessemer Group Inc. boosted its position in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global in the first quarter valued at about $30,000. Finally, S Bank Fund Management Ltd bought a new position in Coinbase Global during the first quarter worth about $31,000. Institutional investors and hedge funds 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.