Barclays Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective increased by Barclays from $175.00 to $204.00 in a research note released on Thursday, Benzinga reports. They currently have an equal weight rating on the cryptocurrency exchange’s stock.

Several other research analysts also recently commented on the company. Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday. They issued a “buy” rating and a $245.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday. Bank of America boosted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Finally, JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Trading Up 6.0 %

Shares of Coinbase Global stock traded up $10.81 on Thursday, hitting $190.06. The stock had a trading volume of 4,624,445 shares, compared to its average volume of 10,402,267. The stock has a 50 day moving average of $181.56 and a 200 day moving average of $209.01. Coinbase Global has a twelve month low of $80.81 and a twelve month high of $283.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $47.23 billion, a P/E ratio of 32.48 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company posted ($0.42) earnings per share. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. Sell-side analysts expect that Coinbase Global will post 4.11 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,687 shares of company stock worth $14,908,594. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC grew its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the 2nd quarter worth approximately $29,000. Geneos Wealth Management Inc. boosted its holdings in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 100 shares during the period. Versant Capital Management Inc boosted its holdings in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the period. Finally, ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter valued at $32,000. 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.