JMP Securities initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued on Tuesday, AnalystRatings.com reports. The firm set a “buy” rating and a $300.00 price target on the cryptocurrency exchange’s stock. JMP Securities’ target price points to a potential upside of 29.18% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the company. Mizuho raised their price objective on Coinbase Global from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Wednesday, August 18th. Raymond James started coverage on Coinbase Global in a research report on Tuesday, June 8th. They set an “underperform” rating on the stock. Needham & Company LLC began coverage on Coinbase Global in a research report on Tuesday, August 31st. They set a “buy” rating and a $420.00 price objective on the stock. Redburn Partners began coverage on Coinbase Global in a report on Thursday, August 5th. They issued a “buy” rating for the company. Finally, Zacks Investment Research raised Coinbase Global from a “sell” rating to a “hold” rating in a report on Friday, August 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Buy” and an average target price of $354.63.
COIN stock opened at $232.24 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a fifty day simple moving average of $249.82. Coinbase Global has a twelve month low of $208.00 and a twelve month high of $429.54.
Coinbase Global (NASDAQ:COIN) last released its earnings results on Monday, August 9th. The cryptocurrency exchange reported $6.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $4.16. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $1.83 billion. The company’s revenue for the quarter was up 1040.2% compared to the same quarter last year. Sell-side analysts predict that Coinbase Global will post 13.76 earnings per share for the current fiscal year.
In related news, Director Marc L. Andreessen sold 726,487 shares of the business’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $259.60, for a total transaction of $188,596,025.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 41,287 shares of the business’s stock in a transaction on Thursday, September 23rd. The stock was sold at an average price of $239.21, for a total value of $9,876,263.27. The disclosure for this sale can be found here. Insiders sold 897,530 shares of company stock valued at $232,792,154 over the last 90 days.
Institutional investors have recently made changes to their positions in the company. Crewe Advisors LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $25,000. Front Row Advisors LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $28,000. South State Corp purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $30,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $32,000. Finally, Gemmer Asset Management LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $33,000. 20.26% of the stock is currently owned by institutional investors and hedge funds.
About Coinbase Global
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy. The company provides primary financial account for the cryptoeconomy, a platform to invest, store, spend, earn, and use crypto assets; an online marketplace for hedge funds, money managers, and corporations; and a platform with technology and services to developers, merchants, and asset issuers that enables them to build applications that leverage crypto protocols.
Further Reading: When can a hold rating present a buying opportunity?
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