Coinbase Global (NASDAQ:COIN) Price Target Raised to $285.00 at Piper Sandler

Coinbase Global (NASDAQ:COIN) had its price target hoisted by research analysts at Piper Sandler from $245.00 to $285.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the cryptocurrency exchange’s stock. Piper Sandler’s target price suggests a potential upside of 9.61% from the company’s previous close.

A number of other research analysts have also weighed in on COIN. HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price target on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Finally, Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $288.44.

Coinbase Global Stock Performance

Shares of COIN stock opened at $260.01 on Tuesday. The company’s fifty day moving average price is $284.12 and its 200-day moving average price is $229.01. The stock has a market cap of $65.09 billion, a PE ratio of 44.37 and a beta of 3.59. 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 $114.51 and a 12 month high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted 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 return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the firm earned ($0.01) EPS. The company’s revenue was up 78.8% on a year-over-year basis. On average, equities analysts expect that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated 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 owns 526 shares of the company’s stock, valued at approximately $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 328,483 shares of company stock valued at $96,470,997. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Empowered Funds LLC raised its stake in Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after acquiring an additional 43 shares during the period. Creative Financial Designs Inc. ADV raised its position in shares of Coinbase Global by 9.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after buying an additional 61 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Coinbase Global by 3.9% in the 3rd quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after buying an additional 66 shares during the period. Finally, Prospera Financial Services Inc increased its stake in Coinbase Global by 3.6% in the 3rd quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock worth $353,000 after buying an additional 68 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.