Argus Reaffirms "Hold" Rating for Coinbase Global (NASDAQ:COIN)

Key Points

• Argus reaffirmed its “Hold” rating on Coinbase, while analysts overall have a consensus “Hold” rating and an average price target of $215.90. Other firms remain mixed, with several Buy ratings but some target-price cuts and a Sell downgrade.
• Coinbase reported a quarterly loss of $1.36 per share, significantly below the expected $0.44 loss, while revenue of $1.22 billion also missed estimates and fell 18.5% year over year.
• COIN remains highly volatile, with a beta of 3.36 and a 12-month trading range of $139.11 to $402.16. Insiders sold about $8.8 million of shares over the past three months, while institutional investors own 68.84% of the stock.

Coinbase Global (NASDAQ:COIN)'s stock had its "hold" rating reaffirmed by equities researchers at Argus in a research note issued on Wednesday,Benzinga reports.

A number of other research firms have also recently weighed in on COIN. Benchmark lowered their target price on shares of Coinbase Global from $270.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Citizens Jmp cut their price target on Coinbase Global from $355.00 to $325.00 and set a "market outperform" rating for the company in a research note on Thursday, July 9th. Needham & Company LLC decreased their price target on Coinbase Global from $220.00 to $177.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Weiss Ratings downgraded Coinbase Global from a "hold (c-)" rating to a "sell (d)" rating in a research report on Friday, July 31st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $240.00 price objective on shares of Coinbase Global in a research note on Tuesday, July 28th. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $215.90.

Coinbase Global Price Performance

NASDAQ COIN opened at $183.69 on Wednesday. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $402.16. The stock has a market cap of $48.46 billion, a price-to-earnings ratio of -47.90 and a beta of 3.36. The company's 50 day moving average is $159.23 and its two-hundred day moving average is $174.17. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.92). The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.29 billion. Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. Coinbase Global's revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.14 EPS. As a group, research analysts anticipate that Coinbase Global will post -0.06 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, Director Frederick R. Wilson sold 35,068 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $144.32, for a total value of $5,061,013.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of Coinbase Global stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $158.15, for a total value of $324,365.65. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 57,119 shares of company stock worth $8,791,679 over the last three months. 16.66% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently bought and sold shares of COIN. L2 Asset Management LLC lifted its holdings in shares of Coinbase Global by 5.0% during the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange's stock worth $326,000 after buying an additional 46 shares during the last quarter. Ancora Advisors LLC lifted its position in shares of Coinbase Global by 4.5% during the 3rd quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange's stock worth $396,000 after buying an additional 51 shares during the period. Fulton Bank N.A. increased its position in shares of Coinbase Global by 1.1% during the 1st quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange's stock worth $863,000 after purchasing an additional 53 shares in the last quarter. MGO One Seven LLC lifted its holdings in Coinbase Global by 1.5% during the 4th quarter. MGO One Seven LLC now owns 4,321 shares of the cryptocurrency exchange's stock valued at $977,000 after purchasing an additional 63 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC boosted its position in Coinbase Global by 2.1% in the third quarter. Moneta Group Investment Advisors LLC now owns 3,174 shares of the cryptocurrency exchange's stock valued at $1,071,000 after buying an additional 65 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global News Roundup

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Bitcoin strength is lifting COIN. Bitcoin’s rally toward and briefly above $80,000 has renewed investor interest in crypto-related equities. Coinbase shares have historically moved closely with Bitcoin because higher prices can increase trading activity, transaction revenue and investor risk appetite. Coinbase Stock Surges as Bitcoin Rallied to $80,000
• Positive Sentiment: New tokenized-stock products expand Coinbase’s addressable market. Coinbase launched tokenized U.S. equities on Base for eligible non-U.S. users, offering 24/7 trading and potential use in decentralized-finance applications. Chainlink price feeds will support lending, borrowing and other onchain uses, while Bitwise is using Coinbase’s tokenized stocks in automated portfolios. These initiatives could create new trading, custody and infrastructure revenue streams. Coinbase Tokenized Stocks Go Live on Base with Chainlink Price Feeds
• Positive Sentiment: Goldman Sachs raised its price target. Goldman reiterated a Buy rating and lifted its target for COIN from $173 to $196, providing additional Wall Street support, although the revised target implies only modest upside from the stock’s current level. Goldman Sachs Reiterates Buy Ratings on Coinbase and Robinhood
• Positive Sentiment: Coinbase is broadening trading functionality. The Base App added more than 290 leveraged perpetual-futures markets through Hyperliquid, increasing Coinbase’s exposure to derivatives and potentially boosting engagement and fee opportunities. Coinbase Global Adds More Than 290 Leveraged Markets to Base App
• Neutral Sentiment: Investors are awaiting the U.S. personal-consumption-expenditures inflation report. A hotter-than-expected reading could push Treasury yields higher and reduce expectations for interest-rate cuts, potentially pressuring speculative assets such as cryptocurrency and COIN. US Inflation Test Is Hours Away
• Negative Sentiment: Legal and political risks remain. A federal judge allowed a Coinbase investor class action to proceed, while CEO Brian Armstrong warned that California’s proposed wealth tax could prompt the company to reconsider its location. Coinbase also recently reported a substantial quarterly EPS and revenue miss, underscoring earnings volatility. Coinbase Investor Class Action Can Move Forward

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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