JMP Securities Reiterates “Market Outperform” Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “market outperform” rating reissued by investment analysts at JMP Securities in a note issued to investors on Friday, Benzinga reports. They presently have a $320.00 price target on the cryptocurrency exchange’s stock. JMP Securities’ price target points to a potential upside of 43.34% from the company’s previous close.

A number of other analysts have also recently commented on COIN. Canaccord Genuity Group upped their target price on shares of Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Friday. The Goldman Sachs Group reduced their target price on shares of Coinbase Global from $295.00 to $255.00 and set a “neutral” rating for the company in a report on Friday. Finally, Wedbush upped their target price on shares of Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $185.48.

Coinbase Global Stock Performance

Shares of COIN traded down $5.60 during mid-day trading on Friday, hitting $223.25. 13,520,069 shares of the company traded hands, compared to its average volume of 13,332,489. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50-day moving average price of $235.22 and a two-hundred day moving average price of $164.76. Coinbase Global has a 1 year low of $46.43 and a 1 year high of $283.48. The stock has a market cap of $54.09 billion, a price-to-earnings ratio of 826.85 and a beta of 3.46.

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

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the transaction, the chief financial officer now owns 219,490 shares of the company’s stock, valued at approximately $50,142,490.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 420,597 shares of company stock worth $86,053,862. 33.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC lifted its position in Coinbase Global by 34.8% during the first quarter. Larson Financial Group LLC now owns 473 shares of the cryptocurrency exchange’s stock valued at $125,000 after purchasing an additional 122 shares during the last quarter. Callan Capital LLC bought a new position in Coinbase Global during the first quarter valued at $204,000. Central Pacific Bank Trust Division bought a new position in Coinbase Global during the first quarter valued at $91,000. Magnolia Capital Advisors LLC lifted its position in Coinbase Global by 10.8% during the first quarter. Magnolia Capital Advisors LLC now owns 1,791 shares of the cryptocurrency exchange’s stock valued at $475,000 after purchasing an additional 174 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Coinbase Global by 6.4% in the first quarter. Daiwa Securities Group Inc. now owns 12,205 shares of the cryptocurrency exchange’s stock valued at $3,236,000 after acquiring an additional 733 shares during the period. 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.