Coinbase Global (NASDAQ:COIN) Coverage Initiated by Analysts at Raymond James Financial

Key Points

• Raymond James initiated coverage on Coinbase Global with a “market perform” rating, while other recent analyst actions were mixed but the broader Street view still leans to Hold. MarketBeat says the consensus price target is $245.39.
• Coinbase shares were down 1.2% to $173.67 in Wednesday trading, and the stock remains volatile with a beta of 3.35. The company’s 52-week range is $139.18 to $405.31.
• The company’s latest earnings were weak: Coinbase posted EPS of -$1.49 versus expectations of a profit, and revenue of $1.41 billion also missed estimates. Insiders have also been selling shares recently, though institutional ownership remains high at 68.84%.

Analysts at Raymond James Financial began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued on Wednesday, Marketbeat.com reports. The firm set a "market perform" rating on the cryptocurrency exchange's stock.

A number of other analysts also recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Coinbase Global from $226.00 to $228.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. BTIG Research decreased their price objective on shares of Coinbase Global from $280.00 to $260.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Weiss Ratings raised shares of Coinbase Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 29th. Bank of America cut their target price on shares of Coinbase Global from $288.00 to $234.00 in a research note on Thursday, April 2nd. Finally, B. Riley Financial reduced their price objective on Coinbase Global from $243.00 to $203.00 and set a "neutral" rating on the stock in a research note on Monday, June 1st. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $245.39.

Coinbase Global Trading Down 1.2%

NASDAQ:COIN traded down $2.18 during trading hours on Wednesday, reaching $173.67. 693,130 shares of the company were exchanged, compared to its average volume of 10,516,410. The firm has a market cap of $45.75 billion, a price-to-earnings ratio of 65.35, a PEG ratio of 10.35 and a beta of 3.35. The stock has a 50 day simple moving average of $168.65 and a 200 day simple moving average of $185.89. Coinbase Global has a 52-week low of $139.18 and a 52-week high of $405.31. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company earned $0.24 earnings per share. The company's quarterly revenue was down 30.5% on a year-over-year basis. As a group, analysts predict that Coinbase Global will post 1.41 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick R. Wilson sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $159.09, for a total value of $1,590,900.00. Following the completion of the transaction, the director directly owned 20,000 shares of the company's stock, valued at approximately $3,181,800. The trade was a 33.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the sale, the insider directly owned 84,753 shares of the company's stock, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,627 shares of company stock valued at $5,327,841 over the last three months. 16.66% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently made changes to their positions in the stock. Palisade Asset Management LLC bought a new stake in Coinbase Global in the third quarter valued at $29,000. MV Capital Management Inc. bought a new stake in Coinbase Global in the 4th quarter valued at about $27,000. Osbon Capital Management LLC acquired a new position in Coinbase Global during the 4th quarter valued at about $30,000. JPL Wealth Management LLC bought a new position in Coinbase Global in the 3rd quarter worth about $49,000. Finally, Brooklands Fund Management Ltd bought a new position in Coinbase Global in the 4th quarter worth about $34,000. Institutional investors own 68.84% of the company's stock.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Momentum around the CLARITY Act remains the biggest driver, as lawmakers moved closer to a Senate vote on a bill that could shift most crypto trading outside SEC oversight and create a more favorable regulatory backdrop for Coinbase. US SEC settles FOIA lawsuit with Coinbase over lost messages, WSJ op-ed says
• Positive Sentiment: Coinbase also announced expansion of its “Everything Exchange” strategy, including plans to bring tokenized equities and other products to Canada pending regulatory approval, reinforcing growth expectations beyond core trading revenue. Coinbase (COIN) Expands Everything Exchange to Canadian Market With Tokenized Equities
• Positive Sentiment: Coinbase said it is opening a new office in Singapore and will expand hiring there, signaling international growth ambitions and a broader push into global markets. Crypto exchange Coinbase opens new office in Singapore, will expand hiring
• Neutral Sentiment: Coinbase’s legal win over the SEC’s lost messages is more of a symbolic governance and transparency issue than a direct earnings catalyst, but it may strengthen the company’s standing in its broader regulatory fight. US SEC settles FOIA lawsuit with Coinbase over lost messages, WSJ op-ed says
• Neutral Sentiment: Recent commentary from analysts and media outlets has highlighted renewed optimism in crypto markets and stronger Bitcoin prices, which tends to lift Coinbase shares as a proxy for digital-asset sentiment. Crypto market breakout could accelerate as AI trade cools, analyst says

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.

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