Coinbase Global’s (COIN) Buy Rating Reiterated at Rosenblatt Securities

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

Several other analysts have also recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, February 14th. JMP Securities raised their price objective on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Barclays boosted their target price on Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Bank of America lowered their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $314.72.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $204.23 on Wednesday. The company has a market cap of $51.85 billion, a P/E ratio of 21.50 and a beta of 3.66. Coinbase Global has a 52-week low of $146.12 and a 52-week 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 firm’s fifty day moving average is $245.27 and its two-hundred day moving average is $242.22.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping 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%. As a group, analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $137,322.82. This represents a 97.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 208,034 shares of company stock worth $57,835,408 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Cerity Partners LLC increased its position in Coinbase Global by 11.0% during the 3rd quarter. Cerity Partners LLC now owns 14,106 shares of the cryptocurrency exchange’s stock valued at $2,513,000 after buying an additional 1,393 shares in the last quarter. Swedbank AB boosted its holdings in shares of Coinbase Global by 1.6% in the 3rd quarter. Swedbank AB now owns 46,206 shares of the cryptocurrency exchange’s stock valued at $8,233,000 after acquiring an additional 730 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Coinbase Global by 12.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 14,464 shares of the cryptocurrency exchange’s stock valued at $2,577,000 after acquiring an additional 1,600 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Coinbase Global in the third quarter worth $355,000. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.