Coinbase Global, Inc. to Post Q2 2024 Earnings of $0.71 Per Share, HC Wainwright Forecasts (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) – Investment analysts at HC Wainwright raised their Q2 2024 EPS estimates for Coinbase Global in a research note issued to investors on Monday, April 29th. HC Wainwright analyst M. Colonnese now forecasts that the cryptocurrency exchange will earn $0.71 per share for the quarter, up from their prior estimate of $0.57. HC Wainwright has a “Buy” rating and a $300.00 price target on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is $2.43 per share. HC Wainwright also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.91 EPS.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. The business had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. Coinbase Global’s revenue was up 51.6% on a year-over-year basis. During the same period in the prior year, the company posted ($2.46) earnings per share.

A number of other research analysts have also recently issued reports on COIN. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. Mizuho raised their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Barclays increased their price objective on Coinbase Global from $146.00 to $179.00 and gave the company an “underweight” rating in a research report on Monday, April 8th. Citigroup upped their price target on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Finally, JPMorgan Chase & Co. upped their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $167.81.

Coinbase Global Trading Down 7.7 %

Shares of COIN stock opened at $218.16 on Tuesday. Coinbase Global has a 12-month low of $46.43 and a 12-month high of $283.48. The firm has a 50-day moving average price of $232.50 and a 200 day moving average price of $163.08. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $52.85 billion, a P/E ratio of 808.00 and a beta of 3.41.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 42,113 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the sale, the insider now owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, insider Paul Grewal sold 42,113 shares of Coinbase Global stock in a transaction on Monday, February 26th. The shares were sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $12,585,661.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 700 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $130.29, for a total transaction of $91,203.00. Following the completion of the sale, the chief operating officer now owns 225,142 shares of the company’s stock, valued at approximately $29,333,751.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 542,208 shares of company stock valued at $101,867,103. Corporate insiders own 33.16% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the business. Mather Group LLC. purchased a new stake in shares of Coinbase Global during the 1st quarter valued at $32,000. Barrett & Company Inc. purchased a new stake in Coinbase Global during the fourth quarter worth about $26,000. Creekmur Asset Management LLC bought a new stake in Coinbase Global in the fourth quarter worth about $27,000. Riverview Trust Co purchased a new position in Coinbase Global in the first quarter valued at about $43,000. Finally, Salem Investment Counselors Inc. increased its stake in shares of Coinbase Global by 162.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

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.