Benchmark Begins Coverage on Coinbase Global (NASDAQ:COIN)

Research analysts at Benchmark began coverage on shares of Coinbase Global (NASDAQ:COIN) in a report released on Wednesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $252.00 price target on the cryptocurrency exchange's stock. Benchmark's price objective would suggest a potential upside of 21.82% from the company's previous close.

Several other research analysts have also recently weighed in on the company. Barclays decreased their price target on Coinbase Global from $328.00 to $169.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. JMP Securities reduced their price target on shares of Coinbase Global from $475.00 to $400.00 and set a "market outperform" rating for the company in a research note on Tuesday, April 8th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research report on Tuesday, February 18th. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target on the stock. Finally, Rosenblatt Securities cut their price target on Coinbase Global from $305.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $295.65.

Coinbase Global Stock Up 1.5 %

Shares of NASDAQ COIN traded up $2.99 on Wednesday, reaching $206.86. 768,711 shares of the company's stock traded hands, compared to its average volume of 9,659,123. 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 has a market cap of $52.52 billion, a price-to-earnings ratio of 21.54 and a beta of 3.65. The business's 50 day simple moving average is $193.01 and its two-hundred day simple moving average is $242.06. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $349.75.

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

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,978 shares of the company's stock in a transaction 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 sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This represents a 11.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $270.99, for a total value of $6,774,750.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $142,540.74. This trade represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 131,395 shares of company stock worth $31,207,615 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Sovran Advisors LLC grew its position in shares of Coinbase Global by 29.7% during the first quarter. Sovran Advisors LLC now owns 1,653 shares of the cryptocurrency exchange's stock worth $289,000 after acquiring an additional 379 shares during the last quarter. Joel Isaacson & Co. LLC lifted its holdings in shares of Coinbase Global by 103.9% during the first quarter. Joel Isaacson & Co. LLC now owns 11,528 shares of the cryptocurrency exchange's stock valued at $1,985,000 after purchasing an additional 5,875 shares during the last quarter. Bordeaux Wealth Advisors LLC acquired a new stake in Coinbase Global during the 1st quarter worth about $239,000. Jeppson Wealth Management LLC lifted its stake in Coinbase Global by 17.8% during the first quarter. Jeppson Wealth Management LLC now owns 1,697 shares of the cryptocurrency exchange's stock valued at $292,000 after buying an additional 257 shares in the last quarter. Finally, Crescent Grove Advisors LLC boosted its holdings in shares of Coinbase Global by 46.6% in the first quarter. Crescent Grove Advisors LLC now owns 1,258 shares of the cryptocurrency exchange's stock worth $217,000 after buying an additional 400 shares during the period. 68.84% of the stock is currently owned by institutional investors.

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.