Oppenheimer Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target boosted by investment analysts at Oppenheimer from $265.00 to $358.00 in a research note issued on Monday, Marketbeat.com reports. The firm currently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price points to a potential upside of 22.06% from the company’s previous close.

Several other research firms have also recently weighed in on COIN. Needham & Company LLC increased their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 18th. Barclays increased their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Piper Sandler restated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. Finally, Mizuho increased their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus target price of $255.22.

Coinbase Global Stock Down 6.1 %

Shares of COIN stock opened at $293.29 on Monday. The stock has a market cap of $73.43 billion, a price-to-earnings ratio of 50.05 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 52-week low of $112.18 and a 52-week high of $341.75. The firm’s 50-day moving average is $217.21 and its 200-day moving average is $215.90.

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

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This trade represents a 3.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at $12,750,015.60. This represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,966 shares of company stock worth $47,064,922. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after buying an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global during the third quarter valued at $409,919,000. Cowen AND Company LLC raised its stake in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after acquiring an additional 22,071 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake 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 valued at $236,258,000 after acquiring an additional 691,288 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.