Coinbase Global (NASDAQ:COIN) Rating Increased to Neutral at Compass Point

Coinbase Global (NASDAQ:COIN) was upgraded by equities researchers at Compass Point from a “sell” rating to a “neutral” rating in a research note issued on Monday, Benzinga reports. The firm presently has a $177.00 target price on the cryptocurrency exchange’s stock, up from their prior target price of $130.00. Compass Point’s price target would indicate a potential upside of 0.99% from the stock’s current price.

A number of other research analysts have also weighed in on COIN. Weiss Ratings lowered shares of Coinbase Global from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, July 31st. B. Riley Financial cut their price target on Coinbase Global from $243.00 to $203.00 and set a “neutral” rating for the company in a report on Monday, June 1st. Barclays reduced their price objective on Coinbase Global from $99.00 to $95.00 and set an “underweight” rating on the stock in a research report on Friday, July 31st. Citigroup restated a “market outperform” rating on shares of Coinbase Global in a report on Friday, July 31st. Finally, The Goldman Sachs Group raised their target price on Coinbase Global from $196.00 to $219.00 and gave the stock a “buy” rating in a research note on Wednesday. Eighteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $219.97.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $175.26 on Monday. The firm has a 50-day simple moving average of $165.43 and a 200-day simple moving average of $176.02. The stock has a market capitalization of $46.24 billion, a price-to-earnings ratio of -45.64 and a beta of 3.39. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45. Coinbase Global has a 52 week low of $139.11 and a 52 week high of $402.16.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results 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). The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The business’s quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the business posted $5.14 earnings per share. On average, equities analysts predict that Coinbase Global will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jennifer Jones sold 2,062 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $188.75, for a total value of $389,202.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $178.93, for a total transaction of $1,789,300.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 70,806 shares of company stock valued at $11,307,687. 16.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Integrated Wealth Concepts LLC lifted its stake 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 purchasing an additional 413 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Coinbase Global by 25.8% in the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock valued at $1,478,000 after buying an additional 1,761 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Coinbase Global by 9.9% in the 1st quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock valued at $896,000 after buying an additional 467 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $285,000. Finally, Cerity Partners LLC lifted its stake in 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 acquiring an additional 1,402 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile

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.