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

Coinbase Global (NASDAQ:COIN) had its target price lifted by Barclays from $282.00 to $328.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the cryptocurrency exchange’s stock.

Other research analysts also recently issued reports about the stock. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Canaccord Genuity Group increased their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler raised their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday. Keefe, Bruyette & Woods lowered their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. Finally, Oppenheimer reduced their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus price target of $301.17.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $274.31 on Friday. Coinbase Global has a fifty-two week low of $146.12 and a fifty-two week high of $349.75. 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 $68.67 billion, a P/E ratio of 46.81 and a beta of 3.61. The company’s 50 day moving average price is $280.97 and its two-hundred day moving average price is $238.16.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. On average, equities analysts forecast that Coinbase Global will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total value of $447,465.00. Following the transaction, the chief operating officer now owns 177,576 shares of the company’s stock, valued at $52,972,696.56. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 386,798 shares of company stock valued at $114,707,944 in the last three months. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently added to or reduced their stakes in the stock. Banco Santander S.A. boosted its holdings in shares of Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after acquiring an additional 16,737 shares during the period. Global Retirement Partners LLC lifted its holdings in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after acquiring an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Coinbase Global in the third quarter valued at $29,756,000. Lindbrook Capital LLC increased its position in shares of Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 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 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.