Coinbase Global's (COIN) "Hold (C)" Rating Reaffirmed at Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed a "Hold (C)" rating for Coinbase Global (COIN) amidst mixed analyst opinions regarding its stock.
• Coinbase's share price has decreased by 1.5%, trading at $351.53 with a market cap of approximately $90.32 billion.
• Insider trading reports show significant sales, with CFO Alesia J. Haas reducing her stake by 25% after selling shares at around $322.22 each.

Coinbase Global (NASDAQ:COIN)'s stock had its "hold (c)" rating reissued by stock analysts at Weiss Ratings in a research note issued on Tuesday,Weiss Ratings reports.

Several other brokerages also recently commented on COIN. The Goldman Sachs Group lifted their target price on shares of Coinbase Global from $363.00 to $385.00 and gave the stock a "neutral" rating in a report on Tuesday. Mizuho set a $300.00 target price on shares of Coinbase Global in a report on Thursday, September 18th. Barclays dropped their target price on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 8th. Citigroup lifted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Stock Down 1.5%

Shares of Coinbase Global stock traded down $5.46 during midday trading on Tuesday, reaching $351.53. 5,643,715 shares of the company's stock traded hands, compared to its average volume of 11,060,806. The company has a market cap of $90.32 billion, a price-to-earnings ratio of 33.86 and a beta of 3.68. The company's 50 day simple moving average is $325.84 and its 200 day simple moving average is $289.77. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business 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 16.02%. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.14 EPS. Equities analysts expect 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, CFO Alesia J. Haas sold 1,742 shares of Coinbase Global stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.22, for a total transaction of $561,307.24. Following the sale, the chief financial officer directly owned 5,226 shares in the company, valued at approximately $1,683,921.72. The trade was a 25.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 372,815 shares of company stock worth $135,227,072 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Coinbase Global by 25.5% during the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange's stock worth $8,484,964,000 after buying an additional 4,914,407 shares during the last quarter. Geode Capital Management LLC grew its stake in Coinbase Global by 46.1% during the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock worth $1,940,805,000 after buying an additional 1,755,146 shares during the last quarter. ARK Investment Management LLC grew its stake in Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after buying an additional 34,462 shares during the last quarter. Groupama Asset Managment grew its stake in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Finally, Norges Bank bought a new stake in Coinbase Global during the second quarter worth about $1,044,354,000. 68.84% of the stock is owned by 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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