Coinbase Global (NASDAQ:COIN) Earns Outperform Rating from Analysts at William Blair

William Blair started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report report published on Wednesday, Marketbeat reports. The firm issued an outperform rating on the cryptocurrency exchange's stock.

Several other brokerages also recently weighed in on COIN. Benchmark boosted their price objective on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Needham & Company LLC decreased their price objective on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research note on Monday, May 12th. HC Wainwright reaffirmed a "buy" rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Mizuho reduced their target price on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Finally, The Goldman Sachs Group upped their target price on Coinbase Global from $189.00 to $209.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $266.10.

Coinbase Global Trading Down 2.5%

Shares of Coinbase Global stock traded down $6.36 during trading hours on Wednesday, hitting $244.32. The company's stock had a trading volume of 3,774,098 shares, compared to its average volume of 10,096,597. The firm has a fifty day moving average of $217.66 and a 200-day moving average of $242.69. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a market cap of $62.03 billion, a price-to-earnings ratio of 25.72 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The company's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.53 EPS. Research analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 12,931 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $267.29, for a total transaction of $3,456,326.99. Following the transaction, the insider now directly owns 84,280 shares of the company's stock, valued at $22,527,201.20. This represents a 13.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $247.15, for a total value of $6,178,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $130,000.90. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,717 shares of company stock worth $42,980,101 in the last quarter. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. First Hawaiian Bank boosted its stake in Coinbase Global by 27.4% during the first quarter. First Hawaiian Bank now owns 1,675 shares of the cryptocurrency exchange's stock worth $288,000 after buying an additional 360 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of Coinbase Global by 71.4% during the 1st quarter. Inspire Investing LLC now owns 1,789 shares of the cryptocurrency exchange's stock worth $308,000 after acquiring an additional 745 shares during the period. Strs Ohio acquired a new stake in shares of Coinbase Global during the 1st quarter valued at about $13,535,000. Jacobi Capital Management LLC increased its stake in Coinbase Global by 14.0% in the first quarter. Jacobi Capital Management LLC now owns 1,976 shares of the cryptocurrency exchange's stock valued at $340,000 after acquiring an additional 243 shares during the period. Finally, Chelsea Counsel Co. raised its position in Coinbase Global by 21.3% in the first quarter. Chelsea Counsel Co. now owns 570 shares of the cryptocurrency exchange's stock worth $98,000 after purchasing an additional 100 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.