Coinbase Global (NASDAQ:COIN) Research Coverage Started at B. Riley

B. Riley began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $185.00 price objective on the cryptocurrency exchange’s stock. B. Riley also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.70 EPS, Q4 2024 earnings at $0.99 EPS, FY2024 earnings at $4.98 EPS and FY2025 earnings at $3.71 EPS.

COIN has been the subject of several other reports. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Barclays raised their target price on Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, HC Wainwright reduced their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $242.82.

Coinbase Global Stock Down 2.0 %

COIN stock opened at $205.04 on Wednesday. The stock has a fifty day moving average of $181.15 and a 200-day moving average of $210.23. Coinbase Global has a fifty-two week low of $70.42 and a fifty-two week high of $283.48. The company has a market capitalization of $50.35 billion, a price-to-earnings ratio of 40.93 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 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%. Coinbase Global’s revenue for the quarter 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. As a group, equities research analysts predict that Coinbase Global will post 3.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders sold 71,187 shares of company stock valued at $13,158,294 over the last three months. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SteelPeak Wealth LLC increased its stake in shares of Coinbase Global by 55.8% during the third quarter. SteelPeak Wealth LLC now owns 7,422 shares of the cryptocurrency exchange’s stock valued at $1,322,000 after buying an additional 2,658 shares during the period. Golden State Equity Partners raised its holdings in Coinbase Global by 2.5% in the 3rd quarter. Golden State Equity Partners now owns 2,883 shares of the cryptocurrency exchange’s stock worth $514,000 after purchasing an additional 69 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Coinbase Global by 16,928.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,576 shares of the cryptocurrency exchange’s stock worth $637,000 after purchasing an additional 3,555 shares during the period. Integrated Advisors Network LLC increased its position in shares of Coinbase Global by 104.4% during the third quarter. Integrated Advisors Network LLC now owns 1,968 shares of the cryptocurrency exchange’s stock valued at $351,000 after buying an additional 1,005 shares during the period. Finally, abrdn plc raised its stake in Coinbase Global by 625.1% in the third quarter. abrdn plc now owns 34,788 shares of the cryptocurrency exchange’s stock worth $6,198,000 after buying an additional 29,990 shares in the last quarter. Institutional investors 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.