Coinbase Global, Inc. (NASDAQ:COIN) has been given a consensus rating of “Buy” by the twenty-two ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and fifteen have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $368.84.
A number of equities analysts have recently weighed in on COIN shares. Zacks Investment Research upgraded Coinbase Global from a “sell” rating to a “hold” rating in a report on Friday, August 13th. Piper Sandler increased their target price on Coinbase Global from $335.00 to $360.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 26th. Citigroup assumed coverage on Coinbase Global in a research report on Tuesday, October 26th. They issued a “buy” rating and a $415.00 price target on the stock. Canaccord Genuity raised their price target on Coinbase Global from $285.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, August 11th. Finally, Needham & Company LLC assumed coverage on Coinbase Global in a research note on Tuesday, August 31st. They set a “buy” rating and a $420.00 price target on the stock.
In other news, Director Marc L. Andreessen sold 726,487 shares of Coinbase Global stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $259.60, for a total value of $188,596,025.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 5,992 shares of Coinbase Global stock in a transaction on Wednesday, November 3rd. The shares were sold at an average price of $344.05, for a total value of $2,061,547.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,285,077 shares of company stock valued at $350,084,032.
Several hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC purchased a new stake in shares of Coinbase Global in the second quarter worth about $1,422,891,000. Vanguard Group Inc. purchased a new stake in shares of Coinbase Global in the second quarter worth about $1,301,556,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Coinbase Global by 45.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,767,013 shares of the cryptocurrency exchange’s stock worth $1,084,400,000 after acquiring an additional 1,489,311 shares in the last quarter. Nikko Asset Management Americas Inc. acquired a new position in shares of Coinbase Global in the second quarter worth about $859,736,000. Finally, FMR LLC acquired a new position in shares of Coinbase Global in the second quarter worth about $341,269,000. 21.31% of the stock is owned by institutional investors.
NASDAQ:COIN traded up $1.69 during trading hours on Tuesday, hitting $355.61. The company had a trading volume of 192,109 shares, compared to its average volume of 6,795,085. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.30. Coinbase Global has a 1 year low of $208.00 and a 1 year high of $429.54. The company has a 50-day moving average of $272.06 and a 200 day moving average of $256.60.
Coinbase Global (NASDAQ:COIN) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $1.83 billion. The company’s revenue was up 1040.2% on a year-over-year basis. On average, research analysts expect that Coinbase Global will post 13.92 earnings per share for the current year.
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.
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