HC Wainwright Reaffirms Buy Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued on Tuesday, Benzinga reports. They presently have a $295.00 price target on the cryptocurrency exchange’s stock. HC Wainwright’s target price suggests a potential upside of 39.32% from the stock’s current price.

Several other research firms have also recently issued reports on COIN. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. Bank of America lowered their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Finally, The Goldman Sachs Group dropped their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $242.94.

Coinbase Global Price Performance

NASDAQ COIN opened at $211.74 on Tuesday. The company has a 50-day moving average price of $181.94 and a two-hundred day moving average price of $209.22. Coinbase Global has a 52 week low of $73.56 and a 52 week high of $283.48. The stock has a market cap of $52.61 billion, a price-to-earnings ratio of 38.01 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period last year, the company earned ($0.42) earnings per share. Analysts forecast that Coinbase Global will post 3.92 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,687 shares of company stock valued at $14,908,594. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently made changes to their positions in the business. Creative Financial Designs Inc. ADV grew its position in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after acquiring an additional 55 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after acquiring an additional 57 shares in the last quarter. Finally, Benjamin Edwards Inc. boosted its position in Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.