Coinbase Global's (COIN) "Sell" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright has reiterated a sell rating for Coinbase Global (NASDAQ:COIN) with a price target of $300.00, indicating a potential downside of 20.58% from current levels.
• While HC Wainwright maintains a negative outlook, other analysts have set higher targets, with Goldman Sachs raising theirs to $268.00 and Rosenblatt Securities issuing a buy rating with a $470.00 price target.
• Coinbase's recent quarterly earnings show a significant beat with earnings per share of $5.14, but revenue was lower than expected at $1.50 billion.

Coinbase Global (NASDAQ:COIN)'s stock had its "sell" rating reiterated by equities researchers at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They presently have a $300.00 price objective on the cryptocurrency exchange's stock. HC Wainwright's target price indicates a potential downside of 4.67% from the company's current price.

Other equities research analysts also recently issued reports about the company. Argus started coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price objective on the stock. Erste Group Bank began coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating on the stock. JPMorgan Chase & Co. cut their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. William Blair initiated coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating on the stock. Finally, Canaccord Genuity Group restated a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a research report on Friday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $344.55.

Coinbase Global Stock Down 16.7%

Shares of Coinbase Global stock traded down $63.07 on Friday, hitting $314.69. 31,265,570 shares of the company traded hands, compared to its average volume of 12,904,831. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The company has a market cap of $79.89 billion, a PE ratio of 30.43, a PEG ratio of 21.92 and a beta of 3.70. The company has a 50-day moving average price of $327.63 and a 200 day moving average price of $259.53.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company's revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares of the company's stock, valued at $28,702,833.92. This trade represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock valued at $439,997,456 in the last ninety days. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management purchased a new stake in Coinbase Global in the 4th quarter worth about $26,000. Bessemer Group Inc. lifted its holdings in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after purchasing an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. bought a new position in Coinbase Global during the first quarter worth about $30,000. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global in the second quarter worth about $30,000. 68.84% of the stock is 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.