Oppenheimer Cuts Coinbase Global (NASDAQ:COIN) Price Target to $334.00

Coinbase Global (NASDAQ:COIN) had its target price dropped by Oppenheimer from $358.00 to $334.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price points to a potential upside of 12.41% from the stock’s previous close.

Several other analysts have also recently weighed in on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Needham & Company LLC upped their price target on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Mizuho raised their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Barclays lifted their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average target price of $282.83.

Coinbase Global Trading Up 5.5 %

NASDAQ COIN traded up $15.50 on Friday, hitting $297.13. The company’s stock had a trading volume of 4,410,674 shares, compared to its average volume of 7,085,083. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global has a 52-week low of $114.51 and a 52-week high of $349.75. The firm has a market cap of $74.39 billion, a P/E ratio of 50.79 and a beta of 3.59. The company’s 50-day simple moving average is $290.71 and its 200 day simple moving average is $230.81.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm earned ($0.01) EPS. The business’s revenue was up 78.8% on a year-over-year basis. Research analysts predict that Coinbase Global will post 4.69 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,333 shares of company stock worth $95,092,118 over the last three months. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new stake in Coinbase Global in the 3rd quarter worth $32,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. Brown Brothers Harriman & Co. grew its holdings in Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew its holdings in shares of Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after purchasing an additional 181 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.