Coinbase Global (NASDAQ:COIN) Price Target Raised to $385.00

Coinbase Global (NASDAQ:COIN) had its price objective increased by The Goldman Sachs Group from $363.00 to $385.00 in a report issued on Tuesday morning,MarketScreener reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

A number of other research firms also recently weighed in on COIN. Rothschild & Co Redburn upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $325.00 to $417.00 in a report on Friday, October 3rd. Barclays reduced their target price on shares of Coinbase Global from $365.00 to $361.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Oppenheimer restated an “outperform” rating and issued a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Monness Crespi & Hardt downgraded shares of Coinbase Global from a “buy” rating to a “neutral” rating in a report on Monday, July 28th. Finally, HC Wainwright restated a “sell” rating and issued a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $367.94.

Coinbase Global Stock Down 1.8%

Shares of COIN stock opened at $330.25 on Tuesday. The stock has a market cap of $84.85 billion, a P/E ratio of 31.94 and a beta of 3.68. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $327.75 and its two-hundred day simple moving average is $291.54.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 199,515 shares of company stock worth $65,362,451. Insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Vanguard Group Inc. grew its stake in Coinbase Global by 25.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock worth $8,484,964,000 after acquiring an additional 4,914,407 shares in the last quarter. Norges Bank bought a new position in Coinbase Global in the 2nd quarter worth about $1,044,354,000. Geode Capital Management LLC grew its stake in Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares in the last quarter. Groupama Asset Managment grew its stake in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Coinbase Global by 53.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange’s stock worth $510,284,000 after purchasing an additional 504,068 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Company Profile

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.