Barclays Raises Coinbase Global (NASDAQ:COIN) Price Target to $355.00

Coinbase Global (NASDAQ:COIN) had its price target boosted by Barclays from $204.00 to $355.00 in a report released on Monday,Benzinga reports. Barclays currently has an equal weight rating on the cryptocurrency exchange’s stock.

COIN has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Oppenheimer boosted their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Finally, Mizuho increased their price target 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $276.22.

Coinbase Global Price Performance

COIN opened at $310.52 on Monday. The company’s 50-day simple moving average is $245.35 and its two-hundred day simple moving average is $222.92. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $77.74 billion, a P/E ratio of 52.99 and a beta of 3.56. Coinbase Global has a 52-week low of $114.51 and a 52-week high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company earned ($0.01) EPS. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, analysts predict that Coinbase Global will post 4.44 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This represents a 4.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total value 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 trade represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 272,220 shares of company stock valued at $80,030,608 in the last three months. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased 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 worth $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after buying an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Cowen AND Company LLC lifted its holdings in shares of Coinbase Global by 1.5% in the 2nd 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 grew its position in Coinbase Global by 185.9% in 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 in the last quarter. 68.84% of the stock is currently owned by 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.