Coinbase Global, Inc. (NASDAQ:COIN) Receives $246.06 Average Price Target from Brokerages

Coinbase Global, Inc. (NASDAQ:COIN) has been assigned a consensus rating of “Hold” from the eighteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $246.06.

Several brokerages recently commented on COIN. The Goldman Sachs Group reduced their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. HC Wainwright reduced their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Monday, August 5th. Finally, Bank of America reduced their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd.

Insider Activity

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $229.70, for a total value of $344,550.00. Following the completion of the sale, the chief operating officer now owns 196,471 shares of the company’s stock, valued at approximately $45,129,388.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at $16,784,221.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $229.70, for a total transaction of $344,550.00. Following the sale, the chief operating officer now directly owns 196,471 shares of the company’s stock, valued at $45,129,388.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,112 shares of company stock valued at $20,596,024. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $27,000. Crewe Advisors LLC lifted its position in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory purchased a new stake in shares of Coinbase Global in the 2nd quarter worth about $29,000. Concord Wealth Partners lifted 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 purchasing an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

COIN opened at $170.91 on Tuesday. The company has a market capitalization of $41.97 billion, a price-to-earnings ratio of 34.11 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $183.75 and a 200-day moving average price of $216.66. Coinbase Global has a twelve month low of $70.42 and a twelve month high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. Coinbase Global’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.42) EPS. Equities analysts expect that Coinbase Global will post 3.96 EPS for the current year.

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.