Coinbase Global, Inc. (NASDAQ:COIN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have been assigned an average recommendation of “Hold” from the twenty brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $215.50.

COIN has been the topic of a number of recent analyst reports. Singular Research reaffirmed a “buy” rating on shares of Coinbase Global in a report on Wednesday, May 8th. Wedbush raised their price target on shares of Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $295.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Canaccord Genuity Group raised their price target on shares of Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Piper Sandler increased their price objective on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the sale, the chief executive officer now owns 526 shares in the company, valued at $134,813.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 360,021 shares of company stock worth $80,655,822. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of COIN. Vanguard Group Inc. raised its position in shares of Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the last quarter. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter valued at $202,936,000. a16z Perennial Management L.P. purchased a new position in shares of Coinbase Global in the fourth quarter valued at $147,646,000. Morgan Stanley grew its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after purchasing an additional 511,397 shares in the last quarter. Finally, Hamilton Lane Advisors LLC purchased a new position in shares of Coinbase Global in the fourth quarter valued at $88,015,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $224.00 on Friday. Coinbase Global has a one year low of $68.15 and a one year high of $283.48. The company’s 50-day moving average is $227.48 and its 200 day moving average is $200.82. The company has a market capitalization of $55.01 billion, a price-to-earnings ratio of 44.71 and a beta of 3.44. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. Sell-side analysts expect that Coinbase Global will post 5.01 EPS for the current fiscal year.

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.