Singular Research Report Confirms “Buy” Rating for Coinbase Global

A recent report has revealed that Singular Research reiterated Coinbase Global’s stock buy rating in a research report issued to investors and clients last week. Coinbase Global Inc. (NASDAQ: COIN) is engaged in the provision of financial infrastructure and tech for the crypto economy.

Piper Sandler increased its Coinbase share target price to $245 from $225 and rated the company’s stock a “neutral” in a research note dated April 12, 2024.

Coinbase has received attention from a few other research reports over the past few months that generally gave it neutral to positive ratings. Wedbush boosted its target price to $250 from $200 and gave Coinbase Global an “outperform” rating on a research note dated May 3, 2024, while Sanford C. Bernstein also boosted its Coinbase Global price objective to $200 from $80 with a “market perform” rating.

On the other hand, Needham & Company LLC reduced its price objective for Coinbase Global shares to $260 from $275, but gave the company a “buy: rating in a research note also dated May 3, 2024. Goldman Sachs cut its Coinbase Global price target to $255 from $295 with a “neutral” stock rating on the same day.

Nine analysts gave the company’s stock a hold rating, three gave it a “sell” rating, and another nine issued a “buy” rating for the stock. In its latest report, showed that Coinbase Global currently has a $200.63 target consensus price with a “hold” rating on average.

The cryptocurrency exchange last issued its earnings in mid-February and revealed that its earnings per share for the quarter averaged $1.04. This surpasses consensus estimates by analysts by $1.14.

Coinbase’s latest financial results show that total quarterly revenue stood at $953.80 million with a 9.42% return on equity and a 33.98% net margin. The company’s revenue for the quarter also beat analysts’ estimates of $826.10 million, with total revenue recording an increase of almost 52% year-over-year.

In the meantime, a U.S. Securities Exchange Commission filing revealed Coinbase Global CEO, Brian Armstrong, sold more than 23,000 of the exchange’s shares at an average of $147.03 a share in mid-February. Paul Grewal, an insider, also offloaded more than 42,000 of Coinbase shares at $190.34 per share in late February. Currently, he owns 66,122 Coinbase shares worth a whopping $12,585,661.48.

Grewal wasn’t alone in selling Coinbase shares. In the past few months, insiders have sold more than 377,000 Coinbase shares worth more than $84,880,000. This has left roughly 33% of the company’s ownership in the hands of insiders.

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