Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) – Equities researchers at Oppenheimer decreased their Q2 2022 earnings per share estimates for Coinbase Global in a report released on Wednesday, June 29th. Oppenheimer analyst O. Lau now anticipates that the cryptocurrency exchange will earn ($3.57) per share for the quarter, down from their prior forecast of ($2.42). Oppenheimer has a “Outperform” rating and a $314.00 price objective on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is ($8.48) per share. Oppenheimer also issued estimates for Coinbase Global’s Q3 2022 earnings at ($1.83) EPS, Q4 2022 earnings at ($1.58) EPS, FY2022 earnings at ($8.96) EPS and FY2023 earnings at ($5.55) EPS.
A number of other research firms have also commented on COIN. Moffett Nathanson dropped their price target on Coinbase Global from $600.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, May 24th. JMP Securities dropped their target price on Coinbase Global from $394.00 to $250.00 in a research report on Wednesday, May 11th. Daiwa Capital Markets initiated coverage on Coinbase Global in a research report on Friday, April 22nd. They set a “buy” rating on the stock. Canaccord Genuity Group lowered their price target on Coinbase Global from $275.00 to $120.00 in a research report on Wednesday, May 11th. Finally, Wedbush reduced their target price on Coinbase Global from $160.00 to $100.00 in a research note on Wednesday, May 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.40.
Shares of COIN opened at $49.04 on Monday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. Coinbase Global has a 1 year low of $40.83 and a 1 year high of $368.90. The stock has a market cap of $10.76 billion, a P/E ratio of 5.23 and a beta of 3.30. The stock’s 50-day moving average price is $74.17 and its two-hundred day moving average price is $153.29.
Coinbase Global (NASDAQ:COIN – Get Rating) last announced its earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) EPS for the quarter, missing the consensus estimate of $0.74 by ($2.72). The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.48 billion. Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. Coinbase Global’s revenue for the quarter was down 35.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.05 EPS.
In related news, Director Frederick Ernest Ehrsam III purchased 30,030 shares of the business’s stock in a transaction dated Tuesday, May 24th. The stock was purchased at an average cost of $60.60 per share, with a total value of $1,819,818.00. Following the completion of the acquisition, the director now directly owns 1,121,844 shares of the company’s stock, valued at $67,983,746.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 1,090 shares of Coinbase Global stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the sale, the insider now directly owns 43,220 shares of the company’s stock, valued at approximately $2,906,977.20. The disclosure for this sale can be found here. Insiders acquired 1,121,844 shares of company stock valued at $76,837,576 over the last three months. Company insiders own 36.10% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Thrivent Financial for Lutherans increased its holdings in shares of Coinbase Global by 10.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,096 shares of the cryptocurrency exchange’s stock worth $249,000 after buying an additional 100 shares during the period. Janus Henderson Group PLC bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $4,250,000. Brookstone Capital Management boosted its position in Coinbase Global by 12.0% during the 4th quarter. Brookstone Capital Management now owns 1,313 shares of the cryptocurrency exchange’s stock valued at $305,000 after acquiring an additional 141 shares in the last quarter. Gradient Investments LLC boosted its position in Coinbase Global by 222.9% during the 4th quarter. Gradient Investments LLC now owns 113 shares of the cryptocurrency exchange’s stock valued at $29,000 after acquiring an additional 78 shares in the last quarter. Finally, Wedbush Securities Inc. boosted its position in Coinbase Global by 8.5% during the 4th quarter. Wedbush Securities Inc. now owns 11,512 shares of the cryptocurrency exchange’s stock valued at $2,905,000 after acquiring an additional 897 shares in the last quarter. Hedge funds and other institutional investors own 39.01% of the company’s stock.
About Coinbase Global (Get Rating)
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in 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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