Coinbase Global (NASDAQ:COIN) Price Target Raised to $472.00

Coinbase Global (NASDAQ:COIN) had its price objective increased by equities research analysts at President Capital from $401.00 to $472.00 in a research report issued on Wednesday,MarketScreener reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. President Capital’s price target indicates a potential upside of 47.82% from the stock’s current price.

A number of other brokerages have also recently commented on COIN. Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $325.00 to $417.00 in a report on Friday, October 3rd. Williams Trading set a $405.00 price objective on Coinbase Global in a research report on Thursday, July 31st. Mizuho upped their price target on Coinbase Global from $300.00 to $320.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Oppenheimer reissued an “outperform” rating and set a $417.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $397.36.

Coinbase Global Price Performance

Shares of COIN opened at $319.30 on Wednesday. The firm has a 50-day simple moving average of $334.11 and a two-hundred day simple moving average of $309.52. The stock has a market cap of $82.04 billion, a PE ratio of 27.62 and a beta of 3.67. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm’s quarterly revenue was up 55.1% on a year-over-year basis. During the same quarter last year, the company posted $0.28 EPS. As a group, analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at $28,475,608.64. This represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $337.49, for a total value of $8,437,250.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at $177,519.74. This trade represents a 97.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 205,657 shares of company stock worth $67,989,576 in the last ninety days. 17.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of the business. Evelyn Partners Investment Management Europe Ltd raised its position in Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after purchasing an additional 36 shares during the last quarter. REAP Financial Group LLC acquired a new position in Coinbase Global in the third quarter valued at $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global in the second quarter valued at about $30,000. Salomon & Ludwin LLC boosted its stake in shares of Coinbase Global by 4,400.0% during the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 88 shares during the period. Finally, City State Bank purchased a new position in shares of Coinbase Global during the second quarter worth about $33,000. 68.84% of the stock is currently owned by hedge funds and other 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.