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 report published on Thursday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the cryptocurrency exchange’s stock.

Several other research analysts have also recently commented on the stock. The Goldman Sachs Group boosted their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Mizuho upped their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Finally, Piper Sandler reissued a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. One 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. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $278.71 on Thursday. Coinbase Global has a 52 week low of $114.51 and a 52 week high of $349.75. The company has a fifty day simple moving average of $269.18 and a two-hundred day simple moving average of $227.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market cap of $69.78 billion, a price-to-earnings ratio of 47.56 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate 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%. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.01) EPS. As a group, equities analysts anticipate that Coinbase Global will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $325.14, for a total value of $2,475,615.96. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $3,386,983.38. This trade represents a 42.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have 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 currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after purchasing an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth $409,919,000. Cowen AND Company LLC increased its holdings in shares of Coinbase Global by 1.5% in the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares in the last quarter. 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.