Coinbase Global (NASDAQ:COIN) Stock Rating Upgraded by Wells Fargo & Company

Coinbase Global (NASDAQ:COIN) was upgraded by stock analysts at Wells Fargo & Company to a “hold” rating in a note issued to investors on Friday, Zacks reports.

Several other brokerages also recently weighed in on COIN. Wolfe Research set a $325.00 price target on Coinbase Global in a report on Thursday, July 9th. Citizens Jmp decreased their price objective on Coinbase Global from $355.00 to $325.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Needham & Company LLC lowered their price objective on Coinbase Global from $220.00 to $177.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Mizuho set a $155.00 target price on shares of Coinbase Global in a research note on Friday, July 31st. Finally, Weiss Ratings cut shares of Coinbase Global from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $222.97.

Coinbase Global Stock Down 3.3%

Coinbase Global stock opened at $183.00 on Friday. Coinbase Global has a twelve month low of $139.11 and a twelve month high of $402.16. The stock’s fifty day simple moving average is $173.36 and its 200-day simple moving average is $175.94. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $48.28 billion, a P/E ratio of -47.66 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data 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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates 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 was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.14 earnings per share. As a group, equities analysts expect that Coinbase Global will post -0.48 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Wilson sold 35,068 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $144.32, for a total transaction of $5,061,013.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia Haas sold 39,030 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $205.24, for a total value of $8,010,517.20. Following the completion of the sale, the chief financial officer directly owned 345,376 shares of the company’s stock, valued at $70,884,970.24. The trade was a 10.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 106,674 shares of company stock worth $19,129,436. Insiders own 16.66% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

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

Key Coinbase Global News

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

Coinbase Global Company Profile

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.