Coinbase Global (NASDAQ:COIN) Price Target Raised to $420.00

by · The Markets Daily

Coinbase Global (NASDAQ:COIN) had its price objective raised by Needham & Company LLC from $375.00 to $420.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other analysts have also recently commented on COIN. Mizuho raised their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Oppenheimer lifted their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $276.22.

Get Our Latest Stock Report on COIN

Coinbase Global Stock Up 3.8 %

Shares of NASDAQ:COIN opened at $313.81 on Monday. The company has a market cap of $78.56 billion, a price-to-earnings ratio of 53.55 and a beta of 3.56. The firm’s 50-day simple moving average is $251.09 and its 200-day simple moving average is $224.01. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global has a fifty-two week low of $114.51 and a fifty-two week high of $349.75.

Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business earned ($0.01) EPS. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global will post 4.44 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $325.14, for a total transaction of $2,475,615.96. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $3,386,983.38. This represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 272,220 shares of company stock valued at $80,030,608. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global during the third quarter worth $409,919,000. Renaissance Technologies LLC grew its position in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares during the last quarter. American Century Companies Inc. grew its position in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Finally, Azora Capital LP grew its position in shares of Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Company Profile

(Get Free Report)

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.

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