Coinbase Global (NASDAQ:COIN) Receives Sell Rating from HC Wainwright
HC Wainwright has reiterated a "sell" rating for Coinbase Global (NASDAQ:COIN) with a reduced price target of $300.00, down from $305.00, indicating a potential downside of 19.75%. Other analysts have varied opinions, with ratings ranging from "overweight" to "buy" and target prices from $245.00 to $421.00. Currently, Coinbase has an average rating of "Hold" and an average target price of $291.47. The stock opened at $373.85 and has a market cap of $94.91 billion. Recent earnings showed a miss against consensus estimates, with revenue of $2.03 billion for the quarter.
Coinbase Global (NASDAQ:COIN)'s stock had its "sell" rating reissued by stock analysts at HC Wainwright in a research note issued to investors on Thursday,Benzinga reports. They presently have a $300.00 price target on the cryptocurrency exchange's stock, down from their prior price target of $305.00. HC Wainwright's target price points to a potential downside of 19.75% from the company's previous close.
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A number of other research analysts also recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price objective on the stock. Piper Sandler upped their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and set a $300.00 target price on shares of Coinbase Global in a research note on Monday, June 16th. Benchmark increased their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Finally, Needham & Company LLC reduced their target price on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Coinbase Global currently has an average rating of "Hold" and an average target price of $291.47.
View Our Latest Stock Analysis on Coinbase Global
Coinbase Global Price Performance
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COIN opened at $373.85 on Thursday. The firm has a market cap of $94.91 billion, a P/E ratio of 70.01, a PEG ratio of 25.95 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a 50-day moving average of $274.66 and a 200 day moving average of $244.97. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $382.00.
Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the firm earned $2.53 earnings per share. The company's revenue for the quarter was up 24.2% compared to the same quarter last year. On average, research analysts expect that Coinbase Global will post 7.22 EPS for the current year.
Insider Buying and Selling at Coinbase Global
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In related news, CFO Alesia J. Haas sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the sale, the chief financial officer owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at $28,702,833.92. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 685,915 shares of company stock worth $222,081,432 in the last 90 days. 17.65% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Coinbase Global
Several hedge funds have recently modified their holdings of the company. Amalgamated Bank grew its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after acquiring an additional 629 shares during the last quarter. KCM Investment Advisors LLC acquired a new position in shares of Coinbase Global in the 4th quarter worth $507,000. GAMMA Investing LLC grew its holdings in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in shares of Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after buying an additional 1,454 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of Coinbase Global by 10.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after buying an additional 232 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.
About Coinbase Global
(Get Free Report)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.
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