B. Riley Financial Reaffirms Neutral Rating for Coinbase Global (NASDAQ:COIN)

Key Points

• B. Riley reaffirmed its Neutral rating on Coinbase and cut its price target to $150 from $203, implying 15.43% upside from the prior close.
• Analyst views are mixed: MarketBeat reports an average Hold rating and an average price target of $208.28, based on 21 Buy, 12 Hold, and 4 Sell ratings.
• Coinbase shares fell 4.6% to $129.95 on Thursday, near their 12-month low of $129.41.

Coinbase Global (NASDAQ:COIN - Get Free Report)'s stock had its "neutral" rating restated by research analysts at B. Riley Financial in a note issued to investors on Thursday, Benzinga reports. They presently have a $150.00 target price on the cryptocurrency exchange's stock, down from their previous target price of $203.00. B. Riley Financial's price target would indicate a potential upside of 15.43% from the company's previous close.

Several other analysts have also recently weighed in on COIN. UBS Group set a $155.00 price target on shares of Coinbase Global in a research note on Friday, July 31st. Benchmark reduced their price target on shares of Coinbase Global from $270.00 to $230.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Robert W. Baird upped their price objective on Coinbase Global from $130.00 to $205.00 and gave the company a "neutral" rating in a report on Monday, September 28th. Oppenheimer reduced their price objective on shares of Coinbase Global from $209.00 to $193.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Finally, Morgan Stanley cut shares of Coinbase Global from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $258.00 to $120.00 in a research report on Monday, November 2nd. Twenty-one investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $208.28.

Coinbase Global Trading Down 4.6%

Shares of COIN stock traded down $6.32 on Thursday, hitting $129.95. 1,039,633 shares of the stock traded hands, compared to its average volume of 9,966,632. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.42 and a current ratio of 2.42. Coinbase Global has a twelve month low of $129.41 and a twelve month high of $303.96. The firm's 50-day moving average price is $172.57 and its two-hundred day moving average price is $174.95. The stock has a market capitalization of $34.41 billion, a PE ratio of -46.08 and a beta of 3.35.

Insider Activity

In related news, CAO Jennifer N. Jones sold 2,062 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $188.75, for a total transaction of $389,202.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc L. Andreessen sold 6,838 shares of the business's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $198.00, for a total transaction of $1,353,924.00. Following the transaction, the director owned 1,108,972 shares of the company's stock, valued at approximately $219,576,456. The trade was a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 92,120 shares of company stock valued at $17,968,544. 16.66% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Readystate Asset Management LP acquired a new position in shares of Coinbase Global during the second quarter worth about $2,587,000. State of Alaska Department of Revenue grew its stake in Coinbase Global by 456.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 121,330 shares of the cryptocurrency exchange's stock worth $22,617,000 after acquiring an additional 99,536 shares during the period. Nykredit A S purchased a new stake in Coinbase Global in the 2nd quarter valued at about $12,395,000. Sequoia Financial Advisors LLC grew its holdings in Coinbase Global by 185.5% in the second quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange's stock valued at $3,729,000 after purchasing an additional 16,572 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Coinbase Global by 366.7% in the second quarter. Assenagon Asset Management S.A. now owns 154,702 shares of the cryptocurrency exchange's stock valued at $22,616,000 after acquiring an additional 121,552 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Key Coinbase Global News

Investors following COIN have been watching these news items:

• Positive Sentiment: Coinbase received final approval for a national trust charter, which could expand its custody services and enable it to issue and service stablecoins for other firms once relevant OCC rules take effect. The charter may strengthen Coinbase’s position in institutional crypto and stablecoin services, though its contribution to revenue is not yet clear. Article: Coinbase’s Bank Charter Is Bad News for Circle. Here’s the $1.4 Billion That Matters
• Positive Sentiment: Coinbase’s World Team Tennis sponsorship will be funded entirely in USDC, raising the stablecoin’s visibility and demonstrating a real-world payment use case. Article: Coinbase to Pay World Team Tennis Sponsorship Entirely in USDC Stablecoin
• Negative Sentiment: EU policy proposals could lead regulated platforms to restrict DeFi access, potentially limiting services or fragmenting liquidity. Coinbase also warns that overly broad rules could push users toward less-protected platforms. Article: EU DeFi proposals could push users to riskier platforms, says Coinbase exec

About Coinbase Global

Coinbase Global operates a cryptocurrency platform serving individual consumers, businesses and institutional clients. Its services include buying, selling and holding digital assets, as well as trading tools and cryptocurrency custody services. The company also offers products for developers and businesses building on blockchain networks, including Base, its Ethereum layer-2 network. Coinbase supports the USDC stablecoin through its partnership with Circle and provides services such as staking and payment infrastructure.

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