William Blair Initiates Coverage of Coinbase Global (COIN) with an Outperform Rating

The brokerage issued an outperform rating on the cryptocurrency exchange's stock.

William Blair Initiates Coverage on Coinbase Global

Analysts at William Blair began covering shares of Coinbase Global (NASDAQ:COIN) in a research note that was released on Wednesday morning. The brokerage firm set an outperform rating on the cryptocurrency exchange’s stock.

Several Other Analysts Rating

Benchmark increased their price target on shares of Coinbase Global from $252.00 to $301.00 and gave the company a “buy” rating in a report on Friday, May 16th.

Compass Point raised shares of Coinbase Global from a “sell” rating to a "neutral" rating and set a $195.00 price target on the stock in a report on Monday, May 12th.

HC Wainwright reissued a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Friday, February 21st.

Barclays increased their price target on shares of Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a report on Monday, May 12th.

Finally, Piper Sandler increased their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th.

Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.10.

Coinbase Global Stock Down 1.7%

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion.

Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.53 earnings per share. Sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Coinbase Global Is Planning to Hire Despite Recent Layoffs

Coinbase Global is planning to hire in preparation for the launch of a futures exchange later this year, according to internal emails seen by Reuters on Monday. The hiring plans come as Coinbase and other crypto firms have announced layoffs in recent months due to macroeconomic pressures and a decline in crypto prices.

In an email to employees on Monday, Coinbase Chief Operating Officer Luming रखें said the company is preparing to launch a futures exchange later this year, pending regulatory approval.

"We're also planning to expand our product suite in anticipation of new opportunities that we see emerging in the market," रखें added.

Coinbase applied for federal approval to launch a futures exchange in December, expanding its offerings beyond spot crypto trading.

Insiders Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the sale, the insider now owns 83,313 shares in the company, valued at $16,505,971.56. This trade represents a 10.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link.

Also, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 114,866 shares in the company, valued at $22,973,200. This represents a 6.19% decrease in their position. The disclosure for this sale can be found here.

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