Coinbase Global, Inc. (NASDAQ:COIN) Given Average Recommendation of “Buy” by Analysts

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have been assigned a consensus rating of “Buy” from the twenty brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $362.24.

Several brokerages recently issued reports on COIN. Raymond James began coverage on shares of Coinbase Global in a report on Tuesday, June 8th. They issued an “underperform” rating on the stock. Wedbush raised their price objective on shares of Coinbase Global from $275.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, August 11th. Redburn Partners began coverage on shares of Coinbase Global in a research report on Thursday, August 5th. They set a “buy” rating on the stock. JPMorgan Chase & Co. started coverage on shares of Coinbase Global in a research report on Tuesday, May 25th. They issued an “overweight” rating and a $371.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Coinbase Global in a research report on Monday, May 24th. They issued a “buy” rating and a $306.00 price target for the company.

In other Coinbase Global news, CAO Jennifer N. Jones sold 4,918 shares of the company’s stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $259.38, for a total transaction of $1,275,630.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Marc L. Andreessen sold 726,487 shares of the company’s stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $259.60, for a total transaction of $188,596,025.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 856,243 shares of company stock valued at $222,915,890.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crewe Advisors LLC acquired a new stake in shares of Coinbase Global in the second quarter valued at about $25,000. Front Row Advisors LLC acquired a new stake in shares of Coinbase Global during the second quarter valued at about $28,000. South State Corp purchased a new position in shares of Coinbase Global in the second quarter valued at approximately $30,000. Global Wealth Management Investment Advisory Inc. purchased a new position in Coinbase Global in the second quarter worth approximately $32,000. Finally, Gemmer Asset Management LLC purchased a new position in Coinbase Global in the second quarter worth approximately $33,000. 20.26% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ COIN traded down $13.08 during trading on Monday, reaching $232.11. 165,406 shares of the company’s stock were exchanged, compared to its average volume of 5,678,915. The stock has a fifty day moving average price of $249.27. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.30. Coinbase Global has a fifty-two week low of $208.00 and a fifty-two week high of $429.54.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Monday, August 9th. The cryptocurrency exchange reported $6.42 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $4.16. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.83 billion. The company’s revenue was up 1040.2% compared to the same quarter last year. Research analysts anticipate that Coinbase Global will post 13.76 EPS for the current year.

Coinbase Global Company Profile

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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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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