Coinbase Global (NASDAQ:COIN) Now Covered by China Renaissance

Analysts at China Renaissance began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $353.30 price target on the cryptocurrency exchange’s stock. China Renaissance’s target price suggests a potential upside of 35.07% from the company’s previous close.

COIN has been the subject of a number of other research reports. JMP Securities reiterated a “market outperform” rating and issued a $400.00 target price on shares of Coinbase Global in a report on Thursday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $300.00 price objective on shares of Coinbase Global in a research note on Monday. Barclays increased their target price on shares of Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Compass Point raised shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target for the company in a research note on Monday, May 12th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $260.00 price objective (up from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. Eleven 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $271.88.

Coinbase Global Stock Up 7.8%

NASDAQ COIN opened at $261.57 on Tuesday. The stock has a 50 day moving average price of $223.36 and a 200-day moving average price of $240.64. Coinbase Global has a one year low of $142.58 and a one year high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $66.41 billion, a P/E ratio of 27.53 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the firm earned $2.53 earnings per share. The business’s quarterly revenue was up 24.2% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 7,575 shares of the business’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 107,291 shares in the company, valued at $21,458,200. The trade was a 6.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total value of $1,981,500.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $104,226.90. This represents a 95.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,717 shares of company stock worth $49,363,601 over the last three months. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the business. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the fourth quarter valued at $26,000. Bessemer Group Inc. grew 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 purchasing an additional 113 shares during the period. Atala Financial Inc purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $27,000. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global during the 1st quarter worth about $30,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.