Coinbase Global (NASDAQ:COIN) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $305.00 price objective on the cryptocurrency exchange’s stock.

A number of other research analysts also recently weighed in on the company. Bank of America lowered their target price on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research report on Tuesday, February 18th. Finally, Barclays boosted their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $314.72.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $193.95 on Wednesday. The firm’s 50-day moving average price is $243.66 and its 200-day moving average price is $241.88. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a market cap of $49.24 billion, a PE ratio of 20.42 and a beta of 3.66. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

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 net margin of 39.34% and a return on equity of 20.64%. As a group, analysts anticipate that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total value of $7,531,746.30. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at approximately $3,114,162.15. This trade represents a 70.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 5,700 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the transaction, the chief financial officer now owns 144,470 shares in the company, valued at $38,554,708.90. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,609 shares of company stock valued at $61,331,908 in the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in COIN. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter worth $409,919,000. Norges Bank purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $372,450,000. Proficio Capital Partners LLC increased its stake in Coinbase Global by 30,664.4% during the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after buying an additional 417,036 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Coinbase Global by 445.4% during the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after purchasing an additional 333,600 shares in the last quarter. 68.84% of the stock is 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.