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

Coinbase Global (NASDAQ:COIN) had its target price upped by investment analysts at HC Wainwright from $255.00 to $330.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. HC Wainwright’s target price indicates a potential upside of 23.64% from the stock’s previous close.

A number of other brokerages have also recently commented on COIN. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. The Goldman Sachs Group lowered their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Piper Sandler increased their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $286.00.

Coinbase Global Stock Down 4.8 %

Shares of Coinbase Global stock opened at $266.90 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a one year low of $137.13 and a one year high of $349.75. The company has a market cap of $66.82 billion, a P/E ratio of 45.55 and a beta of 3.61. The firm has a fifty day moving average of $283.93 and a two-hundred day moving average of $237.20.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 7,104 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $307.80, for a total value of $2,186,611.20. Following the sale, the insider now directly owns 79,407 shares of the company’s stock, valued at $24,441,474.60. The trade was a 8.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 361,798 shares of company stock worth $107,826,444. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the stock. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global in the third quarter valued at approximately $409,919,000. Proficio Capital Partners LLC boosted its position in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 314,388 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $56,142,000. Finally, Trivest Advisors Ltd bought a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $54,869,000. Institutional investors own 68.84% of the company’s stock.

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.