Coinbase Global (NASDAQ:COIN) Upgraded by HC Wainwright to “Buy” Rating

HC Wainwright upgraded shares of Coinbase Global (NASDAQ:COIN) from a sell rating to a buy rating in a research report released on Thursday, Marketbeat.com reports. HC Wainwright currently has $425.00 price target on the cryptocurrency exchange’s stock, up from their prior price target of $300.00.

Other equities research analysts also recently issued reports about the stock. China Renaissance lowered their target price on shares of Coinbase Global from $481.00 to $444.60 and set a “buy” rating on the stock in a research note on Tuesday. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Citigroup raised their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Monness Crespi & Hardt downgraded shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $390.61.

Coinbase Global Trading Down 5.8%

Shares of COIN opened at $328.51 on Thursday. The firm’s 50 day simple moving average is $332.96 and its 200 day simple moving average is $304.41. The company has a market capitalization of $84.41 billion, a P/E ratio of 31.77 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period last year, the firm posted $0.28 earnings per share. Sell-side analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. This represents a 97.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 205,657 shares of company stock valued at $67,479,576. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COIN. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 25.5% in the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock worth $8,484,964,000 after purchasing an additional 4,914,407 shares during the last quarter. Norges Bank bought a new position in shares of Coinbase Global in the second quarter worth approximately $1,044,354,000. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after purchasing an additional 1,755,146 shares during the last quarter. Groupama Asset Managment grew its holdings in shares of Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 53.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange’s stock worth $510,284,000 after purchasing an additional 504,068 shares during the last quarter. 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.