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

Coinbase Global (NASDAQ:COIN) had its target price upped by Barclays from $175.00 to $204.00 in a report issued on Thursday morning, Benzinga reports. They currently have an equal weight rating on the cryptocurrency exchange’s stock.

A number of other brokerages have also recently issued reports on COIN. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday. Mizuho lifted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. The Goldman Sachs Group cut their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Compass Point dropped their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Price Performance

NASDAQ:COIN opened at $182.88 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50-day moving average of $180.98 and a 200-day moving average of $208.62. Coinbase Global has a 52 week low of $80.81 and a 52 week high of $283.48. The company has a market capitalization of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.33.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm posted ($0.01) earnings per share. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Coinbase Global will post 4.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at $30,436,386.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the transaction, the chief operating officer now directly owns 187,601 shares in the company, valued at approximately $30,436,386.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the 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 of the company’s stock, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,687 shares of company stock worth $14,908,594. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Global Retirement Partners LLC increased its holdings in Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Coinbase Global during the 2nd quarter worth approximately $2,908,000. Intech Investment Management LLC raised its holdings in shares of Coinbase Global by 454.3% in the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after purchasing an additional 33,240 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after purchasing an additional 5,493 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Coinbase Global by 122.2% in the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after purchasing an additional 4,127 shares in the last quarter. 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.