Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded up 7.4% during trading on Monday after Compass Point upgraded the stock from a sell rating to a neutral rating. Compass Point now has a $177.00 price target on the stock, up from their previous price target of $130.00. Coinbase Global traded as high as $189.44 and last traded at $188.1440. Approximately 2,831,130 shares changed hands during trading, a decline of 72% from the average session volume of 10,160,522 shares. The stock had previously closed at $175.26.
Several other brokerages have also recently weighed in on COIN. HC Wainwright reaffirmed a “buy” rating and issued a $265.00 price target on shares of Coinbase Global in a research report on Friday, July 31st. Piper Sandler lowered their price objective on Coinbase Global from $155.00 to $146.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a report on Wednesday, June 17th. Benchmark cut their target price on Coinbase Global from $270.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Finally, Needham & Company LLC decreased their price target on Coinbase Global from $220.00 to $177.00 and set a “buy” rating for the company in a report on Friday, July 31st. Eighteen research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $219.97.
View Our Latest Report on Coinbase Global
Insider Buying and Selling at Coinbase Global
Institutional Investors Weigh In On Coinbase Global
Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC increased its holdings in Coinbase Global by 24.2% during the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 413 shares during the last quarter. Empowered Funds LLC grew its position in shares of Coinbase Global by 25.8% during the 1st quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock valued at $1,478,000 after acquiring an additional 1,761 shares during the period. Focus Partners Wealth grew its position in shares of Coinbase Global by 9.9% during the 1st quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock valued at $896,000 after acquiring an additional 467 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Coinbase Global during the 2nd quarter worth approximately $285,000. Finally, Cerity Partners LLC increased its stake in shares of Coinbase Global by 8.6% during the 2nd quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange’s stock worth $6,203,000 after purchasing an additional 1,402 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.
Coinbase Global Price Performance
The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The company has a market cap of $49.58 billion, a P/E ratio of -48.91 and a beta of 3.39. The business’s fifty day moving average is $165.43 and its 200 day moving average is $176.02.
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the company posted $5.14 earnings per share. Coinbase Global’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post -0.24 EPS for the current year.
About Coinbase Global
Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.
Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.
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