Coinbase Global (NASDAQ:COIN) Coverage Initiated by Analysts at Sanford C. Bernstein

Research analysts at Sanford C. Bernstein initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued on Monday,Benzinga reports. The brokerage set an “outperform” rating and a $310.00 price target on the cryptocurrency exchange’s stock. Sanford C. Bernstein’s price target points to a potential upside of 64.06% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group cut their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Rosenblatt Securities started coverage on Coinbase Global in a research note on Friday, March 7th. They issued a “buy” rating and a $305.00 target price on the stock. Bank of America cut their target price on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Monness Crespi & Hardt set a $420.00 target price on Coinbase Global in a research note on Tuesday, February 18th. Finally, HC Wainwright restated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $322.78.

Coinbase Global Trading Up 3.2 %

COIN traded up $5.84 during midday trading on Monday, reaching $188.96. 7,132,143 shares of the company were exchanged, compared to its average volume of 9,765,839. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global has a one year low of $146.12 and a one year high of $349.75. The stock has a market capitalization of $47.97 billion, a P/E ratio of 19.89 and a beta of 3.66. The stock’s 50-day simple moving average is $255.08 and its 200 day simple moving average is $241.14.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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, analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This represents a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at $17,656,524.09. This represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,455 shares of company stock worth $60,955,968. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global in the third quarter worth about $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global in the fourth quarter worth about $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Coinbase Global in the fourth quarter worth about $27,000. Atala Financial Inc bought a new position in shares of Coinbase Global in the fourth quarter worth about $27,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares during the last quarter. 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.