Coinbase Global (NASDAQ:COIN) Given New $260.00 Price Target at BTIG Research

Coinbase Global (NASDAQ:COIN) had its target price decreased by BTIG Research from $280.00 to $260.00 in a report released on Monday, Marketbeat reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. BTIG Research’s target price would suggest a potential upside of 63.45% from the stock’s current price.

COIN has been the topic of a number of other reports. Sanford C. Bernstein cut their target price on shares of Coinbase Global from $440.00 to $330.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. Oppenheimer decreased their price target on Coinbase Global from $227.00 to $224.00 in a research note on Friday, May 8th. Robert W. Baird dropped their target price on shares of Coinbase Global from $160.00 to $142.00 and set a “neutral” rating for the company in a report on Friday, June 5th. JPMorgan Chase & Co. raised their price target on Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, Barclays cut their price objective on Coinbase Global from $107.00 to $99.00 and set an “underweight” rating for the company in a research report on Thursday. Eighteen investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $251.16.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $159.07 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. Coinbase Global has a 1 year low of $139.18 and a 1 year high of $444.64. The firm has a market capitalization of $41.91 billion, a PE ratio of 59.80, a price-to-earnings-growth ratio of 6.10 and a beta of 3.35. The firm’s 50-day moving average is $173.89 and its two-hundred day moving average is $189.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. Coinbase Global’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Analysts predict that Coinbase Global will post 1.75 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the transaction, the insider directly owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 40,647 shares of company stock worth $7,331,841. Insiders own 16.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Formidable Asset Management LLC boosted its position in Coinbase Global by 2.2% in the 4th quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock valued at $469,000 after buying an additional 44 shares during the last quarter. L2 Asset Management LLC lifted its stake in shares of Coinbase Global by 5.0% in the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after acquiring an additional 46 shares in the last quarter. Ancora Advisors LLC boosted its holdings in Coinbase Global by 4.5% in the third quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock valued at $396,000 after purchasing an additional 51 shares during the last quarter. Kensington Investment Counsel LLC boosted its holdings in Coinbase Global by 7.0% in the third quarter. Kensington Investment Counsel LLC now owns 808 shares of the cryptocurrency exchange’s stock valued at $273,000 after purchasing an additional 53 shares during the last quarter. Finally, Fulton Bank N.A. grew its stake in Coinbase Global by 1.1% during the 1st quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock valued at $863,000 after purchasing an additional 53 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.