Rosenblatt Securities Reaffirms “Buy” Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating restated by Rosenblatt Securities in a note issued to investors on Wednesday,Benzinga reports. They presently have a $305.00 target price on the cryptocurrency exchange’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 49.34% from the company’s current price.

COIN has been the topic of a number of other research reports. The Goldman Sachs Group began coverage on shares of Coinbase Global in a report on Thursday, March 20th. They set a “neutral” rating and a $195.00 target price on the stock. Piper Sandler upped their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Bank of America dropped their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Finally, Monness Crespi & Hardt set a $420.00 price objective on Coinbase Global in a research report on Tuesday, February 18th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $314.72.

Coinbase Global Stock Performance

Shares of COIN opened at $204.23 on Wednesday. The company has a 50-day simple moving average of $245.27 and a two-hundred day simple moving average of $242.22. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a market capitalization of $51.85 billion, a PE ratio of 21.50 and a beta of 3.66. Coinbase Global has a one year low of $146.12 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 10,216 shares of the company’s stock in a transaction on Friday, January 24th. The shares were 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 disclosure for this sale can be found here. In the last quarter, insiders sold 208,034 shares of company stock valued at $57,835,408. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SOA Wealth Advisors LLC. raised its position in Coinbase Global by 17.7% in the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock worth $66,000 after acquiring an additional 40 shares during the period. Farther Finance Advisors LLC raised its position in shares of Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after purchasing an additional 40 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Coinbase Global by 1.7% during the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after buying an additional 44 shares in the last quarter. Capital Advisors Wealth Management LLC boosted its holdings in Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 45 shares during the period. Finally, IPG Investment Advisors LLC increased its stake in Coinbase Global by 2.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock worth $561,000 after buying an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.