Coinbase Global (NASDAQ:COIN) Price Target Raised to $375.00

Coinbase Global (NASDAQ:COIN) had its price objective raised by Needham & Company LLC from $290.00 to $375.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other equities analysts also recently commented on the stock. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Barclays increased their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a report on Friday, November 1st. 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. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $251.00.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $320.01 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global has a 12-month low of $101.34 and a 12-month high of $341.75. The stock has a 50-day moving average price of $208.71 and a 200 day moving average price of $214.04. The stock has a market capitalization of $80.11 billion, a P/E ratio of 54.61 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. Equities research analysts forecast that Coinbase Global will post 4.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now directly owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,091 shares of company stock worth $50,033,426. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in COIN. Global Retirement Partners LLC raised its position in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Coinbase Global during the 3rd quarter worth about $29,756,000. Lindbrook Capital LLC raised its holdings in Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares during the period. Sanctuary Advisors LLC acquired a new position in Coinbase Global in the second quarter valued at about $2,908,000. Finally, QRG Capital Management Inc. boosted its stake in Coinbase Global by 237.5% during the third quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock worth $5,834,000 after buying an additional 23,040 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile

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.