Coinbase Global (NASDAQ:COIN) Now Covered by Analysts at Wells Fargo & Company

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

Several other equities analysts have also recently issued reports on COIN. Needham & Company LLC decreased their price target on shares of Coinbase Global from $220.00 to $177.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $208.00 price target on shares of Coinbase Global in a report on Wednesday, June 17th. Oppenheimer reduced 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 note on Friday, July 31st. 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 report on Thursday, July 9th. Finally, Barclays lowered their target price on Coinbase Global from $99.00 to $95.00 and set an “underweight” rating for the company in a research report on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $222.97.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $183.00 on Friday. The stock has a market cap of $48.28 billion, a P/E ratio of -47.66 and a beta of 3.41. 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 stock’s 50-day moving average is $173.36 and its 200-day moving average is $175.94. Coinbase Global has a 1-year low of $139.11 and a 1-year high of $402.16.

Coinbase Global (NASDAQ:COIN) last released 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). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the company earned $5.14 EPS. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global will post -0.48 earnings per share for the current year.

Insider Activity

In other news, Director Frederick Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $178.93, for a total value of $1,789,300.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer Jones sold 2,062 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $188.75, for a total transaction of $389,202.50. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 106,674 shares of company stock valued at $19,129,436. Company insiders own 16.66% of the company’s stock.

Institutional Trading of Coinbase Global

A number of large investors have recently bought and sold shares of the business. Readystate Asset Management LP acquired a new stake in Coinbase Global during the second quarter worth approximately $2,587,000. Nykredit A S acquired a new position in Coinbase Global in the second quarter valued at approximately $12,395,000. Sequoia Financial Advisors LLC lifted its stake in Coinbase Global by 185.5% in the second quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange’s stock valued at $3,729,000 after buying an additional 16,572 shares during the period. First Citizens Bank & Trust Co. boosted its holdings in shares of Coinbase Global by 37.4% during the 1st quarter. First Citizens Bank & Trust Co. now owns 40,467 shares of the cryptocurrency exchange’s stock worth $7,066,000 after buying an additional 11,020 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Coinbase Global by 366.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 154,702 shares of the cryptocurrency exchange’s stock worth $22,616,000 after buying an additional 121,552 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global News Roundup

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.