Coinbase Global (NASDAQ:COIN) Given Buy Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reissued a "buy" rating for Coinbase Global (NASDAQ:COIN), setting a target price of $470.00, which indicates potential upside of 24.42% from its previous close.
• Coinbase recently reported $5.14 earnings per share, exceeding analysts' estimates of $0.91, with a year-over-year revenue increase of 3.3% despite lower total revenue than expected.
• Insider activity includes significant share sales by executives, with CEO Brian Armstrong selling 336,265 shares and director Frederick Ehrsam selling 30,167 shares, which has raised concerns about insider confidence.

Coinbase Global (NASDAQ:COIN)'s stock had its "buy" rating reaffirmed by Rosenblatt Securities in a report released on Friday,Benzinga reports. They currently have a $470.00 target price on the cryptocurrency exchange's stock. Rosenblatt Securities' target price suggests a potential upside of 49.35% from the company's current price.

A number of other brokerages have also weighed in on COIN. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a report on Thursday. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a report on Monday, May 12th. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. China Renaissance began coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Finally, Citigroup boosted their price objective on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Coinbase Global has a consensus rating of "Hold" and a consensus price target of $344.55.

Coinbase Global Price Performance

NASDAQ COIN traded down $63.07 during trading hours on Friday, reaching $314.69. 31,265,570 shares of the stock traded hands, compared to its average volume of 12,904,831. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a 50 day simple moving average of $327.63 and a two-hundred day simple moving average of $259.53. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a market cap of $79.89 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70.

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 the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.95%. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 earnings per share. On average, analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of COIN. Cadent Capital Advisors LLC raised its position in Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after buying an additional 30 shares during the last quarter. Ameriflex Group Inc. raised its holdings in shares of Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock valued at $68,000 after purchasing an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC lifted its position in Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock valued at $463,000 after purchasing an additional 34 shares during the period. Hemington Wealth Management boosted its holdings in Coinbase Global by 12.1% in the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after purchasing an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in Coinbase Global by 13.7% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock worth $113,000 after purchasing an additional 39 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

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.