JMP Securities Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective boosted by research analysts at JMP Securities from $400.00 to $475.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “market outperform” rating on the cryptocurrency exchange’s stock. JMP Securities’ target price suggests a potential upside of 70.32% from the stock’s previous close.

Several other brokerages also recently issued reports on COIN. Barclays raised their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research note on Friday. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $250.00 to $290.00 in a research note on Wednesday, January 29th. Canaccord Genuity Group lifted their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler lifted their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday. Finally, B. Riley began coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $301.17.

Coinbase Global Price Performance

Shares of Coinbase Global stock traded down $19.23 during trading on Friday, reaching $278.88. 6,884,210 shares of the stock traded hands, compared to its average volume of 8,120,983. The company has a market capitalization of $69.82 billion, a price-to-earnings ratio of 47.81 and a beta of 3.61. The business has a fifty day simple moving average of $282.36 and a two-hundred day simple moving average of $237.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Sell-side analysts expect that Coinbase Global will post 4.81 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $137,322.82. This represents a 97.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 7,104 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the transaction, the insider now owns 79,407 shares of the company’s stock, valued at approximately $24,441,474.60. This trade represents a 8.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 386,798 shares of company stock valued at $114,707,944. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Coinbase Global by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after purchasing an additional 128,802 shares during the last quarter. Geode Capital Management LLC increased its holdings in Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC acquired a new stake in Coinbase Global in the 3rd quarter valued at approximately $409,919,000. Finally, Norges Bank acquired a new stake in Coinbase Global in the 4th quarter valued at approximately $536,484,000. 68.84% of the stock is owned by hedge funds and other 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.