Coinbase Global (NASDAQ:COIN) PT Raised to $200.00

Coinbase Global (NASDAQ:COIN) had its price objective hoisted by equities research analysts at Sanford C. Bernstein from $80.00 to $200.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the cryptocurrency exchange’s stock. Sanford C. Bernstein’s target price would indicate a potential downside of 10.28% from the stock’s previous close.

COIN has been the topic of several other reports. Oppenheimer increased their target price on Coinbase Global from $200.00 to $276.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Wedbush increased their target price on Coinbase Global from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Canaccord Genuity Group restated a “buy” rating and issued a $240.00 price objective on shares of Coinbase Global in a report on Thursday, March 28th. Bank of America raised their price objective on Coinbase Global from $92.00 to $110.00 and gave the stock an “underperform” rating in a report on Wednesday, April 10th. Finally, Needham & Company LLC raised their price objective on Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, January 8th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $165.43.

Coinbase Global Price Performance

Shares of NASDAQ:COIN traded up $9.13 on Thursday, hitting $222.91. The company had a trading volume of 5,898,653 shares, compared to its average volume of 13,930,639. The business has a 50 day moving average of $221.60 and a 200 day moving average of $154.18. Coinbase Global has a 52-week low of $46.43 and a 52-week high of $283.48. The company has a market cap of $54.00 billion, a PE ratio of 830.74 and a beta of 3.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The firm had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. During the same period in the prior year, the business posted ($2.46) earnings per share. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, equities analysts anticipate that Coinbase Global will post 2.43 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the transaction, the director now owns 4,662 shares in the company, valued at approximately $558,181.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the transaction, the director now owns 4,662 shares in the company, valued at approximately $558,181.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the transaction, the insider now owns 61,665 shares of the company’s stock, valued at approximately $7,462,698.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 590,978 shares of company stock worth $103,440,000. 33.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Fountainhead AM LLC boosted its position in Coinbase Global by 2.1% during the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after acquiring an additional 81 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Coinbase Global by 0.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock valued at $2,561,000 after buying an additional 81 shares during the period. Arkadios Wealth Advisors lifted its holdings in shares of Coinbase Global by 2.6% in the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock valued at $590,000 after buying an additional 86 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Coinbase Global by 2.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange’s stock valued at $669,000 after buying an additional 90 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of Coinbase Global by 34.5% in the fourth quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange’s stock valued at $61,000 after buying an additional 90 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.