Brokerages Set Coinbase Global, Inc. (NASDAQ:COIN) Price Target at $288.44

Shares of Coinbase Global, Inc. (NASDAQ:COIN) have been assigned an average rating of “Hold” from the twenty analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $285.28.

Several equities analysts recently issued reports on COIN shares. Bank of America boosted their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Keefe, Bruyette & Woods upped their price target on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Oppenheimer upped their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, 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.

Coinbase Global Price Performance

Coinbase Global stock opened at $258.78 on Thursday. The firm has a market capitalization of $64.79 billion, a P/E ratio of 44.16 and a beta of 3.59. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75. The business has a 50-day moving average of $287.26 and a 200-day moving average of $229.61. 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 (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (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 company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% compared to the same quarter last year. On average, equities analysts anticipate that Coinbase Global will post 4.44 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the sale, the director now owns 10,417 shares in the company, valued at approximately $2,936,968.98. This trade represents a 68.68 % decrease in their ownership of the stock. 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 over the last 90 days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake 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 during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Coinbase Global by 2.3% during 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 acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $409,919,000. Renaissance Technologies LLC increased its holdings 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Coinbase Global by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after acquiring an additional 52,856 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.