Coinbase Global (NASDAQ:COIN) Receives "Buy" Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated a Buy rating on Coinbase and set a $240 price target, implying about 41.8% upside from the previous close.
• Analyst views remain mixed overall: while several firms maintain bullish ratings, Coinbase’s current consensus rating is Hold with an average price target of $250.23.
• The stock is being weighed by recent fundamentals and insider activity, including a recent earnings miss and multiple insider share sales over the past 90 days.

Coinbase Global (NASDAQ:COIN)'s stock had its "buy" rating restated by equities research analysts at Rosenblatt Securities in a research note issued on Wednesday,Benzinga reports. They presently have a $240.00 target price on the cryptocurrency exchange's stock. Rosenblatt Securities' price target points to a potential upside of 41.79% from the stock's previous close.

A number of other research firms also recently issued reports on COIN. Benchmark dropped their price objective on shares of Coinbase Global from $267.00 to $260.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Rothschild & Co Redburn increased their price objective on shares of Coinbase Global from $254.00 to $263.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. China Renaissance dropped their price objective on shares of Coinbase Global from $301.50 to $223.20 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Finally, Monness Crespi & Hardt reiterated a "sell" rating on shares of Coinbase Global in a research note on Friday, June 5th. Eighteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $250.23.

Coinbase Global Price Performance

NASDAQ COIN opened at $169.27 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The firm's 50 day moving average price is $184.95 and its 200-day moving average price is $202.67. Coinbase Global has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a market cap of $44.60 billion, a PE ratio of 63.64, a P/E/G ratio of 5.40 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the business posted $0.24 earnings per share. Coinbase Global's revenue for the quarter was down 30.5% on a year-over-year basis. Sell-side analysts forecast that Coinbase Global will post 1.93 EPS for the current fiscal year.

Insider Activity

In related news, Director Frederick R. Wilson sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $181.54, for a total transaction of $1,815,400.00. Following the completion of the transaction, the director owned 30,000 shares in the company, valued at $5,446,200. The trade was a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,647 shares of company stock worth $5,740,941 over the last 90 days. 16.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in Coinbase Global during the 4th quarter valued at approximately $27,000. Palisade Asset Management LLC acquired a new position in Coinbase Global during the 3rd quarter valued at approximately $29,000. Osbon Capital Management LLC acquired a new position in Coinbase Global during the 4th quarter valued at approximately $30,000. Glen Eagle Advisors LLC increased its stake in Coinbase Global by 101.1% during the 1st quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange's stock valued at $31,000 after purchasing an additional 88 shares in the last quarter. Finally, Archer Investment Corp increased its stake in Coinbase Global by 546.4% during the 1st quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange's stock valued at $32,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

More Coinbase Global News

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

• Positive Sentiment: Coinbase launched an AI-powered investment advisor, “Coinbase Advisor,” for U.S. Coinbase One members, using portfolio and account data to generate personalized guidance and trade ideas. Brian Armstrong Says Coinbase's New AI Investment Advisor Will 'Prompt You With Ideas You Hadn't Thought Of'
• Positive Sentiment: The company expanded into stock and ETF trading, including ACATS portfolio transfers, zero-commission trading, fractional shares, and up to 3.5% rewards on eligible USDC balances, which could broaden engagement and attract more assets onto the platform. Coinbase lets users transfer stock portfolios as exchange expands beyond crypto
• Positive Sentiment: Coinbase also unveiled tokenized U.S. stocks with automatic dividends, adding another potential growth avenue as it competes to bring traditional assets on-chain. Coinbase Launches Real Tokenized Stocks, Robinhood, Kraken Race To Follow
• Positive Sentiment: Coinbase is pushing further into “everything exchange” territory with AI trading tools, prediction markets, derivatives, and global payments partnerships, which supports the case for a larger addressable market. Coinbase Global, Inc. (COIN) Discusses Unified Trading Platform, AI Integration, and Global Payments Innovations Prepared Remarks Transcript
• Neutral Sentiment: CEO Brian Armstrong’s comments about revisiting accredited investor rules and expanding access to private and public markets add to the company’s strategic narrative, but they are more policy-oriented than immediately revenue-driving. Coinbase CEO Brian Armstrong: ‘Time to Revisit’ US Accredited Investor Laws
• Negative Sentiment: The recent move still comes against a backdrop of weak recent stock performance and investor caution after Coinbase’s latest earnings miss earlier this year, which may be limiting enthusiasm despite the product announcements.

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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