Keefe, Bruyette & Woods Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target lifted by Keefe, Bruyette & Woods from $165.00 to $275.00 in a report issued on Friday,Benzinga reports. The firm presently has a “market perform” rating on the cryptocurrency exchange’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 0.39% from the company’s previous close.

Several other equities research analysts have also commented on the company. Needham & Company LLC boosted their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Piper Sandler reiterated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. Mizuho increased their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $286.22.

Coinbase Global Price Performance

Coinbase Global stock opened at $273.92 on Friday. The stock has a market capitalization of $68.58 billion, a P/E ratio of 46.74 and a beta of 3.57. The company’s fifty day moving average price is $267.14 and its 200 day moving average price is $226.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.01) EPS. As a group, equities research analysts anticipate that Coinbase Global will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the sale, 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. Over the last three months, insiders have sold 270,720 shares of company stock worth $79,787,248. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC acquired a new position in Coinbase Global during the third quarter worth $25,000. Crewe Advisors LLC lifted its stake in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter valued at about $32,000. Spirit of America Management Corp NY acquired a new position in Coinbase Global in the 2nd quarter valued at about $33,000. Finally, Brown Brothers Harriman & Co. increased its stake in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.