Coinbase Global (NASDAQ:COIN) Research Coverage Started at China Renaissance

China Renaissance began coverage on shares of Coinbase Global (NASDAQ:COIN) in a report published on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $353.30 price objective on the cryptocurrency exchange’s stock.

Several other research firms have also recently weighed in on COIN. Rosenblatt Securities restated a “buy” rating and set a $300.00 target price on shares of Coinbase Global in a research note on Monday. William Blair initiated coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an “outperform” rating for the company. Compass Point upgraded Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 target price for the company in a research note on Monday, May 12th. Jefferies Financial Group restated a “hold” rating and set a $260.00 target price (up from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Finally, HC Wainwright restated a “buy” rating and set a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $271.88.

Coinbase Global Trading Up 16.3%

Shares of NASDAQ:COIN opened at $295.29 on Tuesday. The company has a market capitalization of $74.97 billion, a P/E ratio of 55.30, a P/E/G ratio of 21.52 and a beta of 3.61. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The business’s 50 day simple moving average is $229.78 and its 200 day simple moving average is $241.06.

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

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the sale, the insider now owns 83,313 shares of the company’s stock, valued at approximately $16,505,971.56. The trade was a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 228,538 shares of company stock worth $51,299,116 over the last three months. Company insiders own 17.65% of the company’s stock.

Institutional Trading of Coinbase Global

A number of large investors have recently bought and sold shares of COIN. Allspring Global Investments Holdings LLC grew its holdings in Coinbase Global by 4.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,592 shares of the cryptocurrency exchange’s stock worth $2,210,000 after acquiring an additional 356 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Coinbase Global in the 4th quarter valued at about $236,000. Everhart Financial Group Inc. acquired a new stake in shares of Coinbase Global in the 4th quarter valued at about $234,000. Principal Securities Inc. grew its stake in shares of Coinbase Global by 35.3% in the 4th quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange’s stock valued at $256,000 after buying an additional 269 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Coinbase Global by 4.1% in the 4th quarter. Allworth Financial LP now owns 2,265 shares of the cryptocurrency exchange’s stock valued at $562,000 after buying an additional 90 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.