Coinbase Global (NASDAQ:COIN) Earns “Neutral” Rating from B. Riley Financial

Coinbase Global (NASDAQ:COIN)‘s stock had its “neutral” rating reaffirmed by investment analysts at B. Riley Financial in a research note issued to investors on Thursday, Benzinga reports. They presently have a $150.00 price objective on the cryptocurrency exchange’s stock, down from their prior price objective of $203.00. B. Riley Financial‘s target price indicates a potential upside of 15.43% from the company’s current price.

Several other brokerages have also recently weighed in on COIN. Canaccord Genuity Group decreased their target price on Coinbase Global from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $212.00 target price on shares of Coinbase Global in a report on Friday, October 30th. Raymond James Financial began coverage on Coinbase Global in a research report on Wednesday, July 22nd. They set a “market perform” rating for the company. Oppenheimer lowered their price objective on shares of Coinbase Global from $209.00 to $193.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Finally, The Goldman Sachs Group cut their target price on shares of Coinbase Global from $244.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Twenty-one equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $208.28.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded down $6.32 during trading hours on Thursday, hitting $129.95. The stock had a trading volume of 1,039,633 shares, compared to its average volume of 9,966,632. The stock’s fifty day simple moving average is $172.57 and its 200 day simple moving average is $174.95. The firm has a market capitalization of $34.41 billion, a price-to-earnings ratio of -46.08 and a beta of 3.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.42 and a current ratio of 2.42. Coinbase Global has a 1-year low of $129.41 and a 1-year high of $303.96.

Insider Buying and Selling

In related news, Director Marc L. Andreessen sold 13,676 shares of Coinbase Global stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $186.18, for a total value of $2,546,197.68. Following the transaction, the director owned 1,115,810 shares in the company, valued at $207,741,505.80. This trade represents a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $178.93, for a total value of $1,789,300.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 92,120 shares of company stock valued at $17,968,544 over the last 90 days. 16.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in the business. Ilmarinen Mutual Pension Insurance Co bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $4,219,000. Rathbones Group PLC raised its position in shares of Coinbase Global by 4.9% during the third quarter. Rathbones Group PLC now owns 4,584 shares of the cryptocurrency exchange’s stock valued at $855,000 after buying an additional 214 shares during the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Coinbase Global during the third quarter valued at about $107,000. GW&K Investment Management LLC lifted its stake in shares of Coinbase Global by 51.0% in the third quarter. GW&K Investment Management LLC now owns 225 shares of the cryptocurrency exchange’s stock valued at $42,000 after buying an additional 76 shares during the period. Finally, Private Advisor Group LLC lifted its stake in shares of Coinbase Global by 29.3% in the third quarter. Private Advisor Group LLC now owns 27,031 shares of the cryptocurrency exchange’s stock valued at $5,039,000 after buying an additional 6,130 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Latest Coinbase Global News

Here’s some of the latest news about COIN:

• Positive Sentiment: Growth in stablecoins, subscriptions and prediction markets offers potential diversification as transaction revenue contracts. Coinbase is also expanding stablecoin payments through its PNC partnership, which could create corporate payment and fee opportunities. Article: Coinbase Is Betting on 3 New Businesses. Can They Offset Falling Trading Fees?
• Positive Sentiment: Coinbase’s World Team Tennis sponsorship will be funded entirely in USDC, raising the stablecoin’s visibility and demonstrating a real-world payment use case. Article: Coinbase to Pay World Team Tennis Sponsorship Entirely in USDC Stablecoin
• Neutral Sentiment: Coinbase and other firms support the CFTC’s authority over single-stock perpetual futures. The SEC reportedly backed the CFTC in court, but a challenge seeking to block the products means their regulatory future remains unsettled. Article: SEC Reportedly Backs CFTC Against Stock-Perps Injunction

Coinbase Global Company Profile

Coinbase Global operates a cryptocurrency platform serving individual consumers, businesses and institutional clients. Its services include buying, selling and holding digital assets, as well as trading tools and cryptocurrency custody services. The company also offers products for developers and businesses building on blockchain networks, including Base, its Ethereum layer-2 network. Coinbase supports the USDC stablecoin through its partnership with Circle and provides services such as staking and payment infrastructure.