Wells Fargo and company initiated a hedge on the shares of Coinbase global (NASDAQ:CURRENCY) in a report released Thursday, Fly reports. The brokerage has set an “underweight” rating on the shares of the cryptocurrency exchange.
Several other research companies have also recently commented on COIN. DA Davidson raised its price target on Coinbase Global shares from $90.00 to $100.00 and gave the stock a “buy” rating in a Thursday, August 11 research report. Needham & Company LLC lowered its price target on Coinbase Global shares from $173.00 to $89.00 and placed a “buy” rating on the stock in a Wednesday, June 15 report. JMP Securities lowered its price target on Coinbase Global shares from $205.00 to $195.00 and set a “market outperformance” rating on the stock in a Wednesday, August 10 report. JPMorgan Chase & Co. raised its price target on Coinbase Global shares from $64.00 to $78.00 and gave the stock a “neutral” rating in a Wednesday, September 14 report. Finally, Citigroup lowered its price target on Coinbase Global shares from $115.00 to $105.00 and placed a “buy” rating on the stock in a Friday, August 5, report. Three research analysts rated the stock with a sell rating, six gave the stock a hold rating and sixteen gave the stock a buy rating. According to MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $164.14.
Coinbase Global Price Performance
Coinbase Global stock opened Thursday at $67.31. Coinbase Global has a 52-week low of $40.83 and a 52-week high of $368.90. The company’s 50-day moving average price is $73.31 and its two-hundred-day moving average price is $92.90. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt ratio of 0.58. The stock has a market capitalization of $14.77 billion, a P/E ratio of -33.32 and a beta of 3.31.
Coinbase Global (NASDAQ:COIN – Get a rating) last reported results on Tuesday, August 9. The cryptocurrency exchange reported ($4.95) EPS for the quarter, missing the consensus estimate of ($3.04) by ($1.91). Coinbase Global posted a negative return on equity of 4.61% and a negative net margin of 4.79%. The company posted revenue of $808.33 million for the quarter, versus a consensus estimate of $877.32 million. On average, stock analysts predict Coinbase Global to post -11.12 earnings per share for the current year.
In other news, Director Tobias Lutke purchased 5,291 shares of Coinbase Global in a trade dated Tuesday, September 20. The shares were purchased at an average cost of $68.19 per share, for a total transaction of $360,793.29. Following the transaction, the administrator now directly owns 59,874 shares of the company, valued at $4,082,808.06. The purchase was disclosed in an SEC filing, available at the SEC website. Separately, CAO Jennifer N. Jones sold 2,177 shares of the company in a trade on Wednesday, August 24. The shares were sold at an average price of $72.00, for a total transaction of $156,744.00. Following completion of the transaction, the chief accounting officer now directly owns 27,417 shares of the company, valued at approximately $1,974,024. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Also, director Tobias Lutke bought 5,291 shares of the company in a transaction that took place on Tuesday, September 20. The stock was purchased at an average price of $68.19 per share, with a total value of $360,793.29. Following completion of the transaction, the administrator now directly owns 59,874 shares of the company, valued at approximately $4,082,808.06. Disclosure of this purchase can be found here. Insiders have purchased 34,374 shares of the company worth $2,561,946 over the past three months. Company insiders hold 36.10% of the company’s shares.
Institutional entries and exits
Several hedge funds and other institutional investors have recently increased or reduced their holdings in COIN. Principal Financial Group Inc. acquired a new stake in Coinbase Global during the fourth quarter worth approximately $231,000. Charles Schwab Investment Management Inc. increased its stake in shares of Coinbase Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 85,846 shares of the cryptocurrency exchange valued at $21,665,000 after buying an additional 3,880 shares in the last quarter. Rockefeller Capital Management LP increased its stake in Coinbase Global shares by 5.7% during the fourth quarter. Rockefeller Capital Management LP now owns 5,579 shares of the cryptocurrency exchange valued at $1,407,000 after buying 301 additional shares in the last quarter. State Street Corp increased its stake in shares of Coinbase Global by 336.1% during the fourth quarter. State Street Corp now owns 462,870 shares of the cryptocurrency exchange valued at $116,815,000 after buying an additional 356,734 shares in the last quarter. Finally, Credit Suisse AG increased its stake in shares of Coinbase Global by 505.5% during the fourth quarter. Credit Suisse AG now owns 50,235 shares of the cryptocurrency exchange valued at $12,678,000 after buying an additional 41,939 shares in the last quarter. 49.31% of the shares are currently held by hedge funds and other institutional investors.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and around the world. The company offers the cryptoeconomy’s leading financial account for retailers; a marketplace with a pool of liquidity to transact crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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