Coinbase Global (NASDAQ:COIN) Price Target Raised to $390.00

Coinbase Global (NASDAQ:COIN) had its price target raised by Monness Crespi & Hardt from $245.00 to $390.00 in a report issued on Thursday, MarketBeat.com reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

A number of other equities analysts also recently issued reports on the company. Mizuho increased their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Piper Sandler reissued a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. Needham & Company LLC upped their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group upped their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $286.22.

Coinbase Global Price Performance

NASDAQ:COIN opened at $278.71 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average price of $269.18 and a 200-day moving average price of $227.12. Coinbase Global has a 1-year low of $114.51 and a 1-year high of $349.75. The firm has a market cap of $69.78 billion, a price-to-earnings ratio of 47.56 and a beta of 3.57.

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 firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. Equities research analysts forecast that Coinbase Global will post 4.44 EPS for the current year.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at $12,750,015.60. This represents a 11.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the sale, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 270,720 shares of company stock valued at $79,787,248. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of COIN. Principal Financial Group Inc. raised its stake in shares of Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after acquiring an additional 36,843 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Coinbase Global in the third quarter valued at approximately $94,000. Virtu Financial LLC acquired a new position in Coinbase Global during the third quarter worth $3,866,000. TD Private Client Wealth LLC purchased a new position in shares of Coinbase Global during the third quarter worth $77,000. Finally, Sunbelt Securities Inc. boosted its position in shares of Coinbase Global by 25.9% during the third quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock worth $124,000 after buying an additional 143 shares during the period. Institutional investors and hedge funds 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.