Coinbase Global (NASDAQ:COIN) Given “Underperform” Rating at Mizuho

Posted by Defense World Staff on Aug 24th, 2023

Mizuho reiterated their underperform rating on shares of Coinbase Global (NASDAQ:COIN) in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a $27.00 target price on the cryptocurrency exchange’s stock.

Several other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Coinbase Global from $70.00 to $140.00 and gave the company a buy rating in a research report on Tuesday, August 1st. The Goldman Sachs Group upped their price objective on shares of Coinbase Global from $45.00 to $51.00 and gave the stock a sell rating in a report on Friday, August 4th. Compass Point upped their price objective on shares of Coinbase Global from $100.00 to $145.00 and gave the stock a buy rating in a report on Wednesday, July 19th. Berenberg Bank began coverage on shares of Coinbase Global in a report on Monday, May 15th. They issued a hold rating and a $55.00 price objective on the stock. Finally, Canaccord Genuity Group upped their price objective on shares of Coinbase Global from $70.00 to $140.00 and gave the stock a buy rating in a report on Tuesday, August 1st. Seven investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $77.38.

Read Our Latest Report on COIN

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $77.78 on Wednesday. The company has a market cap of $18.45 billion, a price-to-earnings ratio of -13.77 and a beta of 2.72. The company has a 50-day moving average price of $82.31 and a 200-day moving average price of $68.79. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. Coinbase Global has a 12 month low of $31.55 and a 12 month high of $114.43.

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.36. The firm had revenue of $707.91 million during the quarter, compared to the consensus estimate of $627.60 million. Coinbase Global had a negative net margin of 47.33% and a negative return on equity of 20.68%. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($4.95) earnings per share. As a group, equities analysts anticipate that Coinbase Global will post -1.45 EPS for the current year.

Insider Activity

In other news, Director Gokul Rajaram sold 1,145 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $74,425.00. Following the sale, the director now directly owns 24,298 shares in the company, valued at approximately $1,579,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Gokul Rajaram sold 1,145 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $74,425.00. Following the completion of the transaction, the director now directly owns 24,298 shares of the company’s stock, valued at $1,579,370. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jennifer N. Jones sold 1,704 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the transaction, the chief accounting officer now directly owns 34,752 shares of the company’s stock, valued at $2,258,880. The disclosure for this sale can be found here. Insiders have sold 332,129 shares of company stock worth $26,935,620 in the last three months. Company insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System grew its stake in shares of Coinbase Global by 14.2% in the 2nd quarter. California State Teachers Retirement System now owns 267,824 shares of the cryptocurrency exchange’s stock worth $19,163,000 after buying an additional 33,332 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of Coinbase Global by 2.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 433,081 shares of the cryptocurrency exchange’s stock worth $30,987,000 after buying an additional 12,124 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Coinbase Global by 5.7% in the 2nd quarter. Alliancebernstein L.P. now owns 89,270 shares of the cryptocurrency exchange’s stock worth $6,387,000 after buying an additional 4,820 shares in the last quarter. Equitable Holdings Inc. grew its stake in shares of Coinbase Global by 45.7% in the 2nd quarter. Equitable Holdings Inc. now owns 6,163 shares of the cryptocurrency exchange’s stock worth $441,000 after buying an additional 1,933 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Coinbase Global by 195.8% in the 2nd quarter. Wells Fargo & Company MN now owns 35,329 shares of the cryptocurrency exchange’s stock worth $2,528,000 after acquiring an additional 23,387 shares during the last quarter. 45.21% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

(Get Free Report)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.