Coinbase Global’s (COIN) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $300.00 target price on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other reports. Oppenheimer lowered their target price on Coinbase Global from $224.00 to $209.00 and set an “outperform” rating for the company in a research note on Thursday, July 16th. Compass Point reaffirmed a “sell” rating on shares of Coinbase Global in a research note on Monday, June 1st. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $208.00 price objective on shares of Coinbase Global in a research report on Wednesday, June 17th. Eighteen investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $221.31.

Coinbase Global Stock Down 10.6%

NASDAQ:COIN opened at $146.26 on Friday. Coinbase Global has a 1 year low of $139.11 and a 1 year high of $402.16. The stock has a 50-day moving average price of $163.23 and a two-hundred day moving average price of $181.72. The stock has a market cap of $38.53 billion, a price-to-earnings ratio of -38.09, a PEG ratio of 11.88 and a beta of 3.35. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a positive return on equity of 3.04% and a negative net margin of 15.72%.The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the business earned $5.14 EPS. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities analysts expect that Coinbase Global will post 1.25 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Lawrence J. Brock sold 6,616 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the sale, the insider owned 517 shares in the company, valued at approximately $97,718.17. This represents a 92.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,627 shares of company stock worth $5,327,841 over the last 90 days. 16.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in COIN. North Dakota State Investment Board acquired a new position in shares of Coinbase Global during the 4th quarter worth about $1,626,000. Mizuho Markets Cayman LP bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $33,921,000. Harvest Portfolios Group Inc. lifted its stake in Coinbase Global by 21.7% in the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after purchasing an additional 67,082 shares during the last quarter. Axxcess Wealth Management LLC lifted its stake in Coinbase Global by 303.6% in the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock valued at $4,594,000 after purchasing an additional 15,282 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Coinbase Global by 65.4% during the first quarter. QRG Capital Management Inc. now owns 24,102 shares of the cryptocurrency exchange’s stock worth $4,208,000 after purchasing an additional 9,532 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global News Summary

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

• Positive Sentiment: Coinbase captured a record 10.3% of global crypto trading volume, up from 9.1% in the first quarter, indicating that it is gaining share even as the overall market contracts. Coinbase Hits Record Market Share Despite Loss
• Positive Sentiment: Management highlighted growth in derivatives, stablecoins, prediction markets, Base and agent-driven finance as it seeks to become an “everything exchange” less dependent on spot crypto trading. Some analysts believe this diversification could improve resilience during crypto downturns. Coinbase Earnings Call Highlights
• Positive Sentiment: A federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, reducing a significant legal overhang, although related litigation risk remains. Coinbase Wins Dismissal in Token Lawsuit
• Neutral Sentiment: Several analysts maintained Buy or Outperform ratings and cited long-term upside, but lowered targets after the earnings report. Needham reduced its target to $177, while Oppenheimer cut its target to $193; Canaccord reaffirmed a $300 target.
• Negative Sentiment: Second-quarter revenue fell about 19% year over year to $1.22 billion, below estimates near $1.3 billion. Transaction revenue declined 21% to $599 million as lower spot-market volumes and subdued volatility hurt trading activity. Coinbase Reports Third Straight Quarterly Loss
• Negative Sentiment: Coinbase posted a GAAP net loss of approximately $359 million, or $1.36 per share, far worse than expectations, marking its third consecutive quarterly loss. Subscription and services growth was not sufficient to offset the trading slump. Coinbase Q2 Results Miss Estimates
• Negative Sentiment: Falling Bitcoin prices and reduced crypto ETF inflows are pressuring the entire crypto-linked equity group. Analysts also cut earnings forecasts, with some projecting a full-year loss, reinforcing concerns that Coinbase remains highly exposed to the crypto cycle.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.