Monness Crespi & Hardt Initiates Coverage on Coinbase Global (NASDAQ:COIN)

Monness Crespi & Hardt began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report released on Monday, MarketBeat Ratings reports. The firm issued a buy rating and a $245.00 target price on the cryptocurrency exchange’s stock.

A number of other research analysts also recently issued reports on COIN. HC Wainwright cut their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Bank of America reduced their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Finally, Compass Point decreased their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $246.28.

Coinbase Global Stock Down 15.3 %

Shares of Coinbase Global stock opened at $179.25 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $44.54 billion, a price-to-earnings ratio of 32.18 and a beta of 3.35. The firm’s 50-day moving average is $181.56 and its two-hundred day moving average is $209.01. Coinbase Global has a 1 year low of $73.56 and a 1 year high of $283.48.

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 the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.42) earnings per share. As a group, research analysts expect that Coinbase Global will post 3.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $91,487.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction that occurred 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 transaction, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,687 shares of company stock valued at $14,908,594 in the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Principal Financial Group Inc. raised its holdings in Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after purchasing an additional 36,843 shares during the period. Crescent Grove Advisors LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth approximately $206,000. Clarity Capital Partners LLC lifted its position in shares of Coinbase Global by 1.0% during the 3rd quarter. Clarity Capital Partners LLC now owns 16,681 shares of the cryptocurrency exchange’s stock valued at $2,972,000 after buying an additional 165 shares in the last quarter. World Equity Group Inc. grew its stake in Coinbase Global by 22.4% in the 3rd quarter. World Equity Group Inc. now owns 1,560 shares of the cryptocurrency exchange’s stock valued at $278,000 after acquiring an additional 285 shares during the period. Finally, QRG Capital Management Inc. increased its holdings in Coinbase Global by 237.5% in the 3rd quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock worth $5,834,000 after acquiring an additional 23,040 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 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.