BTIG Research Initiates Coverage on Coinbase Global (NASDAQ:COIN)

Key Points

• BTIG Research has initiated coverage on Coinbase Global (NASDAQ:COIN), giving it a "buy" rating which aligns with analysts' overall positive sentiment towards the stock.
• Despite a recent earnings report that missed consensus estimates, with EPS of $0.12 versus an expected $0.91, Coinbase's stock is currently trading at $372.07, reflecting a 7.5% increase.
• Insiders have sold a significant number of shares recently, including CEO Brian Armstrong, who sold 198,300 shares, raising questions about internal confidence in the stock's future performance.

Equities researchers at BTIG Research initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a report released on Wednesday, MarketBeat reports. The brokerage set a "buy" rating on the cryptocurrency exchange's stock.

Several other analysts have also commented on the stock. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Rosenblatt Securities restated a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Benchmark raised their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of "Moderate Buy" and an average price target of $361.70.

Coinbase Global Stock Up 7.5%

NASDAQ COIN opened at $372.07 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The stock has a market capitalization of $95.60 billion, a PE ratio of 35.98 and a beta of 3.68. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64. The business's 50-day moving average is $323.85 and its 200 day moving average is $279.47.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 earnings per share. Sell-side analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 714,515 shares of company stock valued at $272,046,775 over the last quarter. Company insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the last quarter. Evelyn Partners Investment Management Europe Ltd raised its holdings in Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after acquiring an additional 36 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global in the 1st quarter worth approximately $30,000. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the 2nd quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd purchased a new position in Coinbase Global in the 1st quarter worth approximately $31,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.