Coinbase Global (NASDAQ:COIN) Research Coverage Started at Cowen

Analysts at Cowen began coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued on Thursday, Briefing.com reports. The firm set an “outperform” rating and a $85.00 price target on the cryptocurrency exchange’s stock. Cowen’s price target would indicate a potential upside of 26.54% from the company’s previous close.

Several other brokerages have also issued reports on COIN. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, February 28th. Cowen initiated coverage on shares of Coinbase Global in a research note on Thursday. They set an “outperform” rating for the company. Citigroup decreased their price target on shares of Coinbase Global from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Tuesday, March 22nd. Canaccord Genuity Group reduced their price objective on shares of Coinbase Global from $342.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Finally, Mizuho cut their price target on shares of Coinbase Global from $135.00 to $60.00 in a report on Thursday, May 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global presently has an average rating of “Buy” and an average target price of $240.05.

Coinbase Global stock opened at $67.17 on Thursday. Coinbase Global has a 52 week low of $40.83 and a 52 week high of $368.90. The company’s 50 day moving average price is $133.51 and its two-hundred day moving average price is $201.04. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.52. The stock has a market cap of $14.74 billion and a P/E ratio of 7.16.

Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($2.72). Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the business earned $3.05 EPS. The company’s revenue for the quarter was down 35.2% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global will post -7.6 EPS for the current year.

In related news, insider Paul Grewal sold 1,207 shares of the business’s stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $173.87, for a total transaction of $209,861.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III purchased 385,260 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 17th. The shares were bought at an average price of $64.93 per share, for a total transaction of $25,014,931.80. Following the transaction, the director now directly owns 1,091,814 shares of the company’s stock, valued at $70,891,483.02. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. West Branch Capital LLC purchased a new stake in Coinbase Global in the fourth quarter worth about $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $25,000. Wagner Wealth Management LLC bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $27,000. Cornerstone Advisory LLC bought a new position in Coinbase Global during the fourth quarter valued at approximately $27,000. Finally, Creative Financial Designs Inc. ADV bought a new position in Coinbase Global during the first quarter valued at approximately $28,000. Institutional investors and hedge funds own 39.01% of the company’s stock.

About Coinbase Global (Get Rating)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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