Coinbase Global, Inc. (NASDAQ:COIN) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Coinbase Global, Inc. has an average analyst rating of "Hold", with two ratings indicating sell, ten rating it hold, and thirteen giving it a buy recommendation.
• CEO Brian Armstrong sold 336,265 shares of Coinbase stock, a transaction worth over $121 million, resulting in a significant decrease in his ownership stake.
• Coinbase reported a net loss for the previous quarter, with earnings per share at $0.12, missing estimates of $0.91, while revenue increased by 3.3% year-over-year.

Coinbase Global, Inc. (NASDAQ:COIN) has earned an average recommendation of "Hold" from the twenty-five research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $352.7208.

A number of equities analysts have commented on the stock. Sanford C. Bernstein upped their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. JMP Securities upped their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Needham & Company LLC upped their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st.

Coinbase Global Stock Performance

Coinbase Global stock traded up $19.57 during trading hours on Friday, reaching $319.85. 12,988,273 shares of the stock were exchanged, compared to its average volume of 12,145,037. The stock has a market cap of $82.18 billion, a P/E ratio of 30.93 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global has a 52-week low of $142.58 and a 52-week high of $444.64. The firm's 50 day moving average is $346.00 and its 200 day moving average is $262.04.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. Analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 1,185,704 shares of company stock worth $438,918,732. Corporate insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cadent Capital Advisors LLC grew its stake in shares of Coinbase Global by 1.0% during the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after purchasing an additional 30 shares during the period. Ameriflex Group Inc. grew its stake in shares of Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after purchasing an additional 30 shares during the period. Pettinga Financial Advisors LLC grew its stake in shares of Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock worth $463,000 after purchasing an additional 34 shares during the period. StoneX Group Inc. grew its stake in shares of Coinbase Global by 1.8% during the 2nd quarter. StoneX Group Inc. now owns 1,970 shares of the cryptocurrency exchange's stock worth $690,000 after purchasing an additional 34 shares during the period. Finally, Evelyn Partners Investment Management Europe Ltd grew its stake in shares of Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after purchasing an additional 36 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

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.