Coinbase Global (NASDAQ:COIN) Upgraded to Buy at Rothschild & Co Redburn

Key Points

• Coinbase Global was upgraded by Rothschild & Co Redburn from a "neutral" rating to a "buy" rating, with a new price objective of $417.00, indicating a potential upside of 12.08% from its current price.
• Other analysts have also issued buy ratings with varied price targets, bringing the average price target for the stock to $363.75, suggesting a general positive sentiment among equity analysts.
• CEO Brian Armstrong significantly decreased his holdings by selling 198,300 shares, while insiders overall sold 714,515 shares in recent months, indicating potential concerns about the stock's future performance.

Coinbase Global (NASDAQ:COIN) was upgraded by research analysts at Rothschild & Co Redburn from a "neutral" rating to a "buy" rating in a research note issued on Friday,Benzinga reports. The firm presently has a $417.00 price objective on the cryptocurrency exchange's stock, up from their prior price objective of $325.00. Rothschild & Co Redburn's price target suggests a potential upside of 12.08% from the company's current price.

Several other equities analysts also recently issued reports on the stock. BTIG Research assumed coverage on shares of Coinbase Global in a report on Wednesday. They set a "buy" rating and a $410.00 price objective on the stock. Needham & Company LLC raised their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Barclays raised their price objective on Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. The Goldman Sachs Group raised their price objective on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Finally, China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $363.75.

Coinbase Global Stock Performance

COIN opened at $372.07 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a market cap of $95.60 billion, a price-to-earnings ratio of 35.98 and a beta of 3.68. Coinbase Global has a 52-week low of $142.58 and a 52-week high of $444.64. The firm's fifty day simple moving average is $323.85 and its two-hundred day simple moving average is $279.47.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. Equities analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction 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 transaction, the chief executive officer owned 526 shares in the company, valued at $209,279.62. The trade was a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 714,515 shares of company stock worth $272,046,775. Insiders own 17.65% of the company's stock.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its holdings in Coinbase Global by 24.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after buying an additional 9,952 shares during the period. Amalgamated Bank raised its holdings in Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after buying an additional 629 shares during the period. Kera Capital Partners Inc. raised its holdings in Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock valued at $12,954,000 after buying an additional 1,085 shares during the period. Parallel Advisors LLC raised its holdings in Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock valued at $3,738,000 after buying an additional 5,402 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after buying an additional 84 shares during the period. 68.84% of the stock is currently 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.

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