Rosenblatt Securities Reaffirms "Buy" Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)'s stock had its "buy" rating reissued by research analysts at Rosenblatt Securities in a report issued on Monday,Benzinga reports. They presently have a $260.00 target price on the cryptocurrency exchange's stock. Rosenblatt Securities' target price would indicate a potential upside of 30.35% from the company's previous close.

COIN has been the subject of a number of other research reports. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday. Compass Point reissued a "sell" rating and set a $180.00 target price on shares of Coinbase Global in a research note on Monday, April 28th. Sanford C. Bernstein raised Coinbase Global to a "strong-buy" rating in a research note on Tuesday, March 18th. Finally, Cantor Fitzgerald began coverage on Coinbase Global in a research note on Tuesday, April 8th. They set an "overweight" rating and a $245.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $265.65.

Coinbase Global Stock Down 3.4%

COIN opened at $199.47 on Monday. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $50.64 billion, a P/E ratio of 21.00 and a beta of 3.62. The stock has a fifty day moving average of $187.38 and a 200-day moving average of $243.30.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the firm earned $2.53 EPS. On average, equities analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $105,484.04. This represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares in the company, valued at $17,656,524.09. The trade was a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,742 shares of company stock worth $32,639,759. Corporate insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Norges Bank acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global in the 4th quarter valued at $372,450,000. Vanguard Group Inc. raised its position in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Proficio Capital Partners LLC raised its position in Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock valued at $103,888,000 after buying an additional 417,036 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after buying an additional 333,600 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.