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

Coinbase Global (NASDAQ:COIN) had its price target lifted by equities research analysts at Piper Sandler from $245.00 to $285.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the cryptocurrency exchange’s stock. Piper Sandler’s price target would indicate a potential upside of 9.61% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Monness Crespi & Hardt boosted their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average price target of $288.44.

Coinbase Global Stock Performance

Shares of COIN opened at $260.01 on Tuesday. Coinbase Global has a 52-week low of $114.51 and a 52-week high of $349.75. The stock’s 50-day simple moving average is $284.12 and its 200 day simple moving average is $229.01. 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 $65.09 billion, a price-to-earnings ratio of 44.37 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. Research analysts forecast that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $181.36, for a total transaction of $272,040.00. Following the completion of the transaction, the chief operating officer now owns 176,601 shares in the company, valued at $32,028,357.36. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 328,483 shares of company stock worth $96,470,997 in the last ninety days. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of COIN. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global during the third quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter valued at $32,000. Brown Brothers Harriman & Co. raised its holdings in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC lifted its position in shares of Coinbase Global by 548.5% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after purchasing an additional 181 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in shares of Coinbase Global during the 3rd quarter valued at about $55,000. Hedge funds and other institutional investors 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.