Coinbase Global (NASDAQ:COIN) Earns Outperform Rating from Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $310.00 price objective on the cryptocurrency exchange’s stock.

Other research analysts have also issued reports about the stock. Rosenblatt Securities assumed coverage on shares of Coinbase Global in a research note on Friday, March 7th. They set a “buy” rating and a $305.00 price target on the stock. Mizuho dropped their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Needham & Company LLC reiterated a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a research note on Thursday, February 13th. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Finally, Oppenheimer restated an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Coinbase Global Trading Up 4.8 %

Shares of Coinbase Global stock opened at $189.75 on Monday. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The company’s 50-day simple moving average is $250.03 and its 200-day simple moving average is $240.77. The firm has a market cap of $48.17 billion, a price-to-earnings ratio of 19.97 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,846,236.91. The trade was a 52.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,455 shares of company stock worth $60,955,968 over the last ninety days. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently bought and sold shares of the stock. Banco Santander S.A. raised its stake in Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after purchasing an additional 16,737 shares during the period. Wellington Management Group LLP raised its stake in Coinbase Global by 168.2% during the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in Coinbase Global during the fourth quarter worth approximately $252,000. Virtu Financial LLC purchased a new position in Coinbase Global during the third quarter worth approximately $3,866,000. Finally, Blueshift Asset Management LLC raised its stake in Coinbase Global by 916.8% during the third quarter. Blueshift Asset Management LLC now owns 18,852 shares of the cryptocurrency exchange’s stock worth $3,359,000 after purchasing an additional 16,998 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.