Coinbase Global (NASDAQ:COIN) Stock Rated Equal Weight in New Coverage at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report report published on Friday, Marketbeat.com reports. The firm issued an equal weight rating and a $200.00 price target on the cryptocurrency exchange’s stock.

COIN has been the subject of several other reports. Zacks Research raised shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 9th. Weiss Ratings cut shares of Coinbase Global from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, July 31st. HC Wainwright reissued a “buy” rating and set a $265.00 price objective on shares of Coinbase Global in a report on Friday, July 31st. Monness Crespi & Hardt restated a “sell” rating on shares of Coinbase Global in a research report on Friday, June 5th. Finally, Mizuho set a $155.00 target price on Coinbase Global in a report on Friday, July 31st. Twenty investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $222.97.

Coinbase Global Price Performance

NASDAQ:COIN opened at $183.00 on Friday. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $173.36 and its two-hundred day simple moving average is $175.75. The stock has a market cap of $48.28 billion, a PE ratio of -47.66 and a beta of 3.41. Coinbase Global has a 52 week low of $139.11 and a 52 week high of $402.16.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.92). The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.29 billion. Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period last year, the business posted $5.14 EPS. As a group, analysts forecast that Coinbase Global will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Marc L. Andreessen sold 13,676 shares of Coinbase Global stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $181.14, for a total transaction of $2,477,270.64. Following the completion of the transaction, the director directly owned 1,136,324 shares of the company’s stock, valued at $205,833,729.36. The trade was a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 35,068 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $144.32, for a total transaction of $5,061,013.76. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 106,674 shares of company stock worth $19,129,436. 16.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. CX Institutional increased its holdings in Coinbase Global by 167.9% during the third quarter. CX Institutional now owns 4,348 shares of the cryptocurrency exchange’s stock valued at $811,000 after buying an additional 2,725 shares during the period. QRG Capital Management Inc. lifted its holdings in Coinbase Global by 26.0% during the second quarter. QRG Capital Management Inc. now owns 30,358 shares of the cryptocurrency exchange’s stock worth $4,605,000 after buying an additional 6,256 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in Coinbase Global by 13.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 44,011 shares of the cryptocurrency exchange’s stock valued at $6,586,000 after acquiring an additional 5,343 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Coinbase Global by 185.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange’s stock valued at $3,729,000 after acquiring an additional 16,572 shares in the last quarter. Finally, Whetstone Capital Advisors LLC increased its holdings in shares of Coinbase Global by 86.3% in the 2nd quarter. Whetstone Capital Advisors LLC now owns 47,048 shares of the cryptocurrency exchange’s stock valued at $6,878,000 after acquiring an additional 21,788 shares during the period. 68.84% of the stock is owned by institutional investors.

Trending Headlines about Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase continues to expand its ecosystem. The company completed the migration of its international derivatives business to Deribit, while recent U.S. expansion of stock and ETF trading and plans for tokenized equities could create additional revenue opportunities. Coinbase Moves Derivatives to Deribit, What Changes Now?
• Positive Sentiment: Analyst sentiment remains broadly constructive, with several price targets above the current trading level and a reported median target of $240. Recent regulatory developments also include expanded opportunities in U.S. derivatives. Wall Street Target Hikes
• Neutral Sentiment: Bitcoin was higher while COIN weakened, suggesting the move was not caused solely by broad crypto-market weakness. Coinbase’s status page reportedly showed no major platform outage, reducing the likelihood of an operational disruption as the catalyst. Coinbase Pullback Analysis
• Negative Sentiment: Investors may be locking in gains after recent product-related enthusiasm. The stock’s high beta makes it vulnerable to sharp reversals, particularly because Coinbase’s latest quarter included a net loss, lower-than-expected revenue and challenging market conditions.
• Negative Sentiment: Reported insider activity is a notable overhang: 70 insider sales and no purchases were recorded over the past six months, including sales by Chief Financial Officer Alesia Haas. Institutional positioning was also mixed, with more funds reducing holdings than adding shares.
• Negative Sentiment: The failure of the proposed CLARITY Act leaves uncertainty around the regulatory framework for digital assets, despite Coinbase and other industry participants spending heavily to support the legislation. Crypto Industry CLARITY Act Lobbying

About Coinbase Global

Coinbase Global, Inc operates a digital-asset platform that enables individuals, businesses and institutions to buy, sell, store and use cryptocurrencies. Its services include a cryptocurrency exchange, digital-asset custody, staking and related trading products, as well as tools designed to support institutional participation in the crypto economy.

The company also offers Coinbase Wallet, a self-custody wallet that allows users to manage digital assets and interact with decentralized applications.