Brokerages Set Coinbase Global, Inc. (NASDAQ:COIN) Target Price at $266.10

Coinbase Global, Inc. (NASDAQ:COIN) has received a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the stock, MarketBeat reports. Eleven equities research analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $266.10.

A number of research firms have issued reports on COIN. Bank of America reduced their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. HC Wainwright restated a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a research report on Tuesday, May 13th. Finally, Mizuho dropped their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th.

Coinbase Global Stock Down 3.8%

Coinbase Global stock opened at $241.05 on Friday. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average price is $219.34 and its 200 day moving average price is $242.20. The firm has a market cap of $61.20 billion, a price-to-earnings ratio of 25.37 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the firm earned $2.53 EPS. As a group, sell-side analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $247.15, for a total value of $6,178,750.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $130,000.90. This represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the transaction, the chief financial officer now directly owns 114,866 shares in the company, valued at approximately $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,717 shares of company stock valued at $42,980,101. Company insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment grew its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Coinbase Global during the fourth quarter worth about $536,484,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.