Coinbase Global (NASDAQ:COIN) Upgraded at Compass Point

Compass Point upgraded shares of Coinbase Global (NASDAQ:COIN) from a sell rating to a neutral rating in a research report sent to investors on Monday, Marketbeat reports. The brokerage currently has $177.00 price objective on the cryptocurrency exchange’s stock, up from their previous price objective of $130.00.

Several other research analysts also recently commented on COIN. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 target price on shares of Coinbase Global in a report on Tuesday, July 28th. Robert W. Baird set a $130.00 price target on Coinbase Global in a report on Friday, July 31st. Needham & Company LLC cut 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. BTIG Research cut their price objective on Coinbase Global from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Finally, Citigroup reissued a “market outperform” rating on shares of Coinbase Global in a research note on Friday, July 31st. Eighteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $219.97.

Coinbase Global Trading Down 4.4%

Shares of Coinbase Global stock opened at $164.51 on Monday. Coinbase Global has a 12-month low of $139.11 and a 12-month high of $402.16. The stock has a market capitalization of $43.40 billion, a P/E ratio of -42.84 and a beta of 3.39. The company has a 50-day simple moving average of $166.16 and a 200 day simple moving average of $176.03. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45.

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). The firm 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%. Coinbase Global’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the firm earned $5.14 earnings per share. Research analysts expect that Coinbase Global will post -0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc L. Andreessen sold 13,676 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $181.14, for a total value of $2,477,270.64. Following the transaction, the director directly owned 1,136,324 shares in the company, valued at approximately $205,833,729.36. This represents a 1.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 70,806 shares of company stock valued at $11,307,687 over the last three months. 16.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. Archer Investment Corp bought a new position in Coinbase Global in the second quarter valued at about $26,000. MV Capital Management Inc. bought a new stake in Coinbase Global during the 4th quarter worth about $27,000. Osbon Capital Management LLC bought a new stake in Coinbase Global during the 4th quarter worth about $30,000. Glen Eagle Advisors LLC raised its holdings in Coinbase Global by 101.1% during the 1st quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock worth $31,000 after purchasing an additional 88 shares during the last quarter. Finally, Brooklands Fund Management Ltd acquired a new position in Coinbase Global during the 4th quarter valued at about $34,000. Institutional investors own 68.84% of the company’s stock.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Direct trading access on X: Coinbase joined X’s Cashtag Partner Program, allowing U.S. users to move from stock and cryptocurrency ticker pages to participating trading platforms with one tap. The integration could improve customer acquisition and trading activity over time. Elon Musk’s X Adds One-Tap Trading Links to Stock and Crypto Cashtags
• Positive Sentiment: Potential long-term opportunity: Some analysts characterize the regulatory-driven selloff as a strategic entry point, noting that the failed vote does not impose new restrictions and that Coinbase continues expanding its institutional and infrastructure businesses. Senate Rejects Crypto Clarity Act: Analysts See Dip as Strategic Entry Point
• Neutral Sentiment: Legislation remains uncertain: Coinbase CEO Brian Armstrong said the crypto industry cannot wait indefinitely for Congress, while a motion to reconsider could leave a narrow path for the bill to return. However, passage this year appears less certain. Coinbase CEO Says Crypto Can’t Wait on Congress
• Negative Sentiment: Regulatory setback pressured the stock: Saxo Bank said Coinbase is among the most exposed crypto equities because clearer market-structure rules could directly affect its trading business. Coinbase Faces Greater Fallout From CLARITY Act Setback
• Negative Sentiment: Crypto demand weakened: Bitcoin’s Coinbase premium fell to a one-month low, signaling reduced U.S. buying interest after the Senate vote. Broader cryptocurrency weakness and recent selling by ARK Invest added to pressure on COIN. Bitcoin’s Coinbase Premium Sinks to One-Month Low

About Coinbase Global

Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.

Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.