Coinbase Global (NASDAQ:COIN) Price Target Raised to $240.00

Coinbase Global (NASDAQ:COIN) had its price target boosted by investment analysts at Keefe, Bruyette & Woods from $230.00 to $240.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “market perform” rating on the cryptocurrency exchange’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 8.81% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Citigroup upped their price objective on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Canaccord Genuity Group raised their price objective on shares of Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday. Sanford C. Bernstein increased their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. boosted their price objective on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Finally, TheStreet raised Coinbase Global from a “d” rating to a “c-” rating in a report on Friday, February 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus target price of $180.71.

Coinbase Global Price Performance

NASDAQ:COIN traded down $8.28 during mid-day trading on Friday, reaching $220.57. The stock had a trading volume of 8,643,291 shares, compared to its average volume of 13,265,991. The stock has a market capitalization of $53.44 billion, a P/E ratio of 823.63 and a beta of 3.46. The firm has a 50 day moving average price of $235.22 and a two-hundred day moving average price of $164.76. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a one year low of $46.43 and a one year high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The business had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. During the same quarter last year, the firm earned ($2.46) earnings per share. The business’s revenue for the quarter was up 51.6% on a year-over-year basis. As a group, analysts expect that Coinbase Global will post 2.71 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the transaction, the director now owns 4,662 shares in the company, valued at $558,181.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the sale, the director now directly owns 4,662 shares in the company, valued at $558,181.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,257 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the completion of the transaction, the insider now directly owns 66,122 shares in the company, valued at approximately $18,223,223.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 420,597 shares of company stock valued at $86,053,862. Insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently added to or reduced their stakes in the company. Concord Wealth Partners grew its position in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Mather Group LLC. acquired a new stake in Coinbase Global in the first quarter valued at approximately $32,000. Barrett & Company Inc. purchased a new position in Coinbase Global in the fourth quarter worth $26,000. Creekmur Asset Management LLC acquired a new position in Coinbase Global during the 4th quarter valued at about $27,000. Finally, Riverview Trust Co acquired a new stake in Coinbase Global in the 1st quarter worth approximately $43,000. 68.84% of the stock is currently owned by institutional investors.

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.