Coinbase Global (NASDAQ:COIN) Price Target Raised to $175.00

by · The Markets Daily

Coinbase Global (NASDAQ:COIN) had its target price boosted by Barclays from $169.00 to $175.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the cryptocurrency exchange’s stock.

A number of other research analysts also recently weighed in on COIN. Citigroup upgraded Coinbase Global from a neutral rating to a buy rating and raised their price target for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Bank of America dropped their price target on shares of Coinbase Global from $263.00 to $246.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reissued a buy rating and issued a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. Finally, Canaccord Genuity Group restated a buy rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $246.44.

Get Our Latest Analysis on Coinbase Global

Coinbase Global Stock Performance

Shares of COIN stock opened at $166.97 on Monday. Coinbase Global has a 12 month low of $70.42 and a 12 month high of $283.48. The company’s fifty day simple moving average is $180.16 and its 200-day simple moving average is $214.67. The firm has a market cap of $41.00 billion, a PE ratio of 33.33 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.42) earnings per share. Equities research analysts expect that Coinbase Global will post 3.96 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $179.69, for a total value of $269,535.00. Following the transaction, the chief operating officer now directly owns 186,101 shares in the company, valued at approximately $33,440,488.69. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $179.69, for a total value of $269,535.00. Following the completion of the sale, the chief operating officer now owns 186,101 shares of the company’s stock, valued at $33,440,488.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,037 shares of company stock valued at $15,512,370. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. increased its position in shares of Coinbase Global by 162.9% in the first quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares during the period. Intech Investment Management LLC grew its stake in Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Coinbase Global in the 2nd quarter valued at about $2,908,000. Paragon Capital Management Ltd raised its position in shares of Coinbase Global by 58.6% in the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock valued at $61,418,000 after buying an additional 85,573 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Coinbase Global by 130.5% in the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after buying an additional 5,493 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

(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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