Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Monness Crespi & Hardt Analyst Says

Coinbase Global (NASDAQ:COIN) had its target price increased by Monness Crespi & Hardt from $245.00 to $390.00 in a research report released on Thursday morning, Marketbeat reports. The firm currently has a buy rating on the cryptocurrency exchange’s stock.

Several other equities analysts also recently commented on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC increased their target price 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. Finally, Mizuho boosted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $286.22.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $5.11 during mid-day trading on Thursday, reaching $279.03. 4,156,203 shares of the company’s stock were exchanged, compared to its average volume of 11,221,841. The firm has a 50-day moving average price of $267.14 and a two-hundred day moving average price of $226.79. 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 firm has a market capitalization of $69.86 billion, a price-to-earnings ratio of 47.62 and a beta of 3.57. Coinbase Global has a 52 week low of $114.51 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS. Analysts predict that Coinbase Global will post 4.44 EPS for the current year.

Insiders Place Their Bets

In related news, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $179.69, for a total transaction of $269,535.00. Following the completion of the sale, the chief operating officer now directly owns 186,101 shares in the company, valued at $33,440,488.69. This represents a 0.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. This trade represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,720 shares of company stock valued at $79,787,248 over the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently made changes to their positions in COIN. Envestnet Portfolio Solutions Inc. bought a new stake in Coinbase Global during the 2nd quarter valued at $333,000. Assenagon Asset Management S.A. increased its position in shares of Coinbase Global by 39.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,629 shares of the cryptocurrency exchange’s stock valued at $584,000 after acquiring an additional 739 shares during the period. Premier Path Wealth Partners LLC bought a new position in shares of Coinbase Global during the second quarter valued at about $278,000. Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the second quarter worth about $33,000. Finally, Verdence Capital Advisors LLC grew its stake in shares of Coinbase Global by 9.8% in the second quarter. Verdence Capital Advisors LLC now owns 6,622 shares of the cryptocurrency exchange’s stock worth $1,472,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other 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.