Coinbase Global (NASDAQ:COIN) Coverage Initiated at China Renaissance

Stock analysts at China Renaissance initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $353.30 price target on the cryptocurrency exchange’s stock. China Renaissance’s price objective would suggest a potential upside of 35.07% from the company’s previous close.

COIN has been the subject of several other reports. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a report on Tuesday, May 13th. JMP Securities reissued a “market outperform” rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Thursday, May 8th. Needham & Company LLC cut their price objective on Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, William Blair started coverage on Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating for the company. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $271.88.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $261.57 on Tuesday. The firm has a 50-day simple moving average of $223.36 and a 200-day simple moving average of $240.64. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $66.41 billion, a price-to-earnings ratio of 27.53 and a beta of 3.61. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75.

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

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 107,291 shares of the company’s stock, valued at approximately $21,458,200. This trade represents a 6.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total value of $1,981,500.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $104,226.90. The trade was a 95.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 220,717 shares of company stock worth $49,363,601. Company insiders own 17.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC boosted its holdings in Coinbase Global by 4.3% during the fourth quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after acquiring an additional 40 shares during the period. IPG Investment Advisors LLC boosted its stake in Coinbase Global by 2.0% during the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock valued at $561,000 after purchasing an additional 45 shares during the period. Vivaldi Capital Management LP increased its position in Coinbase Global by 0.3% in the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange’s stock worth $3,437,000 after buying an additional 47 shares during the period. Brooklyn Investment Group grew its stake in shares of Coinbase Global by 7.1% in the first quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange’s stock worth $124,000 after acquiring an additional 48 shares during the last quarter. Finally, Rede Wealth LLC increased its position in Coinbase Global by 0.6% during the first quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange’s stock worth $1,382,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.