Coinbase Global (NASDAQ:COIN) Upgraded at Compass Point

Key Points

• Compass Point upgraded Coinbase Global from “sell” to “neutral” and raised its price target from $130 to $177, implying roughly 1% upside from the prior close.
• Analyst sentiment remains mixed: Coinbase has an overall “Hold” consensus rating and a $219.97 average target, with 18 Buy, 12 Hold, and 3 Sell ratings.
• Recent operating results were weak, as Coinbase missed quarterly earnings and revenue estimates, posted a net loss, and reported an 18.5% year-over-year revenue decline. Insiders have also sold more than $11.3 million of stock over the past 90 days.

Coinbase Global (NASDAQ:COIN) was upgraded by analysts at Compass Point from a "sell" rating to a "neutral" rating in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a $177.00 price target on the cryptocurrency exchange's stock, up from their previous price target of $130.00. Compass Point's target price suggests a potential upside of 0.99% from the stock's previous close.

A number of other research firms have also weighed in on COIN. Morgan Stanley started coverage on shares of Coinbase Global in a research note on Thursday. They issued an "equal weight" rating and a $250.00 price objective on the stock. The Goldman Sachs Group upped their price target on shares of Coinbase Global from $196.00 to $219.00 and gave the company a "buy" rating in a report on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating and set a $212.00 price objective on shares of Coinbase Global in a research note on Monday, August 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $208.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Robert W. Baird set a $130.00 target price on Coinbase Global in a research note on Friday, July 31st. Eighteen investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $219.97.

Coinbase Global Stock Performance

Coinbase Global stock opened at $175.26 on Monday. The stock has a 50-day moving average price of $165.43 and a 200 day moving average price of $176.02. The company has a market capitalization of $46.24 billion, a price-to-earnings ratio of -45.64 and a beta of 3.39. Coinbase Global has a 52 week low of $139.11 and a 52 week high of $402.16. The company has a quick ratio of 2.42, a current 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). Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the company posted $5.14 EPS. Coinbase Global's quarterly revenue was down 18.5% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CAO Jennifer Jones sold 2,062 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $188.75, for a total value of $389,202.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc Andreessen sold 13,676 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $181.14, for a total value of $2,477,270.64. Following the completion of the sale, the director owned 1,136,324 shares of the company's stock, valued at $205,833,729.36. This trade represents a 1.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 70,806 shares of company stock worth $11,307,687. 16.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the stock. Archer Investment Corp purchased a new stake in shares of Coinbase Global during the second quarter worth about $26,000. MV Capital Management Inc. purchased a new position in Coinbase Global in the 4th quarter valued at about $27,000. Palisade Asset Management LLC purchased a new position in Coinbase Global in the 3rd quarter valued at about $29,000. Osbon Capital Management LLC acquired a new stake in Coinbase Global in the 4th quarter worth about $30,000. Finally, Glen Eagle Advisors LLC raised its holdings in shares of Coinbase Global by 101.1% during the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange's stock valued at $31,000 after acquiring an additional 88 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile

Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.

Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.

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