Monness Crespi & Hardt Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective increased by stock analysts at Monness Crespi & Hardt from $245.00 to $390.00 in a note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. Monness Crespi & Hardt’s price objective suggests a potential upside of 39.93% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Mizuho boosted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Barclays increased their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Bank of America increased their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Oppenheimer boosted their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. One investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Stock Up 1.7 %

Shares of COIN opened at $278.71 on Thursday. The business’s fifty day moving average price is $269.18 and its two-hundred day moving average price is $227.12. The firm has a market capitalization of $69.78 billion, a price-to-earnings ratio of 47.56 and a beta of 3.57. Coinbase Global has a 52 week low of $114.51 and a 52 week high of $349.75. 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 (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, analysts predict that Coinbase Global will post 4.44 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,720 shares of company stock valued at $79,787,248. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. bought a new stake in Coinbase Global during the second quarter worth about $333,000. Assenagon Asset Management S.A. boosted its holdings in shares of Coinbase Global by 39.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,629 shares of the cryptocurrency exchange’s stock valued at $584,000 after buying an additional 739 shares during the last quarter. Premier Path Wealth Partners LLC bought a new position in shares of Coinbase Global in the second quarter valued at $278,000. Spirit of America Management Corp NY acquired a new position in Coinbase Global during the second quarter worth $33,000. Finally, Verdence Capital Advisors LLC raised its position in Coinbase Global by 9.8% during the second quarter. Verdence Capital Advisors LLC now owns 6,622 shares of the cryptocurrency exchange’s stock worth $1,472,000 after acquiring an additional 590 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.