Equities Analysts Offer Predictions for Coinbase Global, Inc.’s Q2 2024 Earnings (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) – HC Wainwright increased their Q2 2024 earnings per share estimates for Coinbase Global in a research report issued to clients and investors on Monday, April 29th. HC Wainwright analyst M. Colonnese now anticipates that the cryptocurrency exchange will post earnings of $0.71 per share for the quarter, up from their previous estimate of $0.57. HC Wainwright has a “Buy” rating and a $300.00 price objective on the stock. The consensus estimate for Coinbase Global’s current full-year earnings is $2.43 per share. HC Wainwright also issued estimates for Coinbase Global’s Q3 2024 earnings at $0.91 EPS.

Several other equities research analysts also recently commented on COIN. Sanford C. Bernstein upped their price objective on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. JMP Securities restated a “market outperform” rating on shares of Coinbase Global in a research note on Friday, March 22nd. JPMorgan Chase & Co. raised their price objective on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, March 15th. Mizuho boosted their target price on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Finally, Keefe, Bruyette & Woods raised their price target on Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a report on Wednesday, April 3rd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus target price of $167.81.

Coinbase Global Price Performance

Coinbase Global stock opened at $203.93 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The business’s 50 day simple moving average is $233.11 and its 200 day simple moving average is $163.99. Coinbase Global has a 12 month low of $46.43 and a 12 month high of $283.48. The company has a market cap of $49.41 billion, a price-to-earnings ratio of 755.30 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. During the same quarter in the prior year, the business earned ($2.46) earnings per share. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the completion of the transaction, the insider now owns 66,122 shares in the company, valued at $14,644,039.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the transaction, the insider now owns 66,122 shares in the company, valued at approximately $14,644,039.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 82,130 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 442,872 shares of company stock worth $88,800,855. 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. Concord Wealth Partners grew its stake in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Mather Group LLC. bought a new position in shares of Coinbase Global during the first quarter valued at $32,000. Barrett & Company Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth about $26,000. Creekmur Asset Management LLC bought a new position in Coinbase Global in the 4th quarter worth about $27,000. Finally, Riverview Trust Co purchased a new stake in Coinbase Global during the 1st quarter valued at about $43,000. Institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.