Monness Crespi & Hardt Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective increased by Monness Crespi & Hardt from $245.00 to $390.00 in a research note released on Thursday, MarketBeat reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

COIN has been the topic of several other reports. The Goldman Sachs Group raised their price objective on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Piper Sandler restated a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Needham & Company LLC upped their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a 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 given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $286.22.

Coinbase Global Price Performance

Shares of COIN traded up $5.11 during trading hours on Thursday, hitting $279.03. 4,156,203 shares of the company were exchanged, compared to its average volume of 11,221,841. The company has a market cap of $69.86 billion, a price-to-earnings ratio of 47.62 and a beta of 3.57. The firm’s fifty day moving average is $267.14 and its 200 day moving average is $226.79. Coinbase Global has a fifty-two week low of $114.51 and a fifty-two week high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results 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). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% on a year-over-year basis. During the same period last year, the company posted ($0.01) EPS. On average, equities analysts anticipate that Coinbase Global will post 4.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated 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 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 Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This trade represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,720 shares of company stock worth $79,787,248. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global in the third quarter valued at approximately $25,000. Crewe Advisors LLC lifted its stake 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 acquiring an additional 104 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of Coinbase Global during the third quarter valued at about $32,000. Spirit of America Management Corp NY purchased a new position in Coinbase Global during the second quarter worth about $33,000. Finally, Brown Brothers Harriman & Co. grew its position in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares in the last quarter. 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.