JMP Securities Reiterates “Market Outperform” Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “market outperform” rating reiterated by investment analysts at JMP Securities in a research note issued to investors on Friday, Benzinga reports. They currently have a $320.00 target price on the cryptocurrency exchange’s stock. JMP Securities’ target price indicates a potential upside of 43.34% from the stock’s previous close.

Other analysts have also issued reports about the company. Citigroup raised their price objective on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Sanford C. Bernstein raised their price objective on Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Bank of America raised their price objective on Coinbase Global from $92.00 to $110.00 and gave the company an “underperform” rating in a report on Wednesday, April 10th. Needham & Company LLC dropped their price objective on Coinbase Global from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Friday. Finally, Keefe, Bruyette & Woods raised their price objective on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Friday. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $185.48.

Coinbase Global Stock Performance

COIN stock traded down $5.60 during midday trading on Friday, hitting $223.25. 13,520,069 shares of the stock traded hands, compared to its average volume of 13,332,489. Coinbase Global has a 1-year low of $46.43 and a 1-year high of $283.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s fifty day simple moving average is $235.22 and its 200-day simple moving average is $164.76. The firm has a market cap of $54.09 billion, a P/E ratio of 826.85 and a beta of 3.46.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The business had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. During the same period in the prior year, the company posted ($2.46) EPS. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. On average, analysts expect that Coinbase Global will post 2.71 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Jennifer N. Jones sold 1,624 shares of Coinbase Global stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $168.75, for a total transaction of $274,050.00. Following the transaction, the chief accounting officer now owns 29,236 shares in the company, valued at $4,933,575. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Coinbase Global news, CAO Jennifer N. Jones sold 1,624 shares of Coinbase Global stock in a transaction on Monday, February 26th. The stock was sold at an average price of $168.75, for a total value of $274,050.00. Following the sale, the chief accounting officer now owns 29,236 shares in the company, valued at $4,933,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,257 shares of Coinbase Global stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now owns 66,122 shares in the company, valued at approximately $18,223,223.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 420,597 shares of company stock worth $86,053,862. 33.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fountainhead AM LLC raised its holdings in shares of Coinbase Global by 2.1% in the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock valued at $688,000 after buying an additional 81 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Coinbase Global by 0.6% in the 4th 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. Nilsine Partners LLC grew its stake in Coinbase Global by 1.2% during the 1st quarter. Nilsine Partners LLC now owns 6,738 shares of the cryptocurrency exchange’s stock worth $1,786,000 after purchasing an additional 81 shares in the last quarter. Arkadios Wealth Advisors grew its stake in Coinbase Global by 2.6% during the 4th quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock worth $590,000 after purchasing an additional 86 shares in the last quarter. Finally, Concord Wealth Partners grew its stake in Coinbase Global by 322.2% during 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 in the last quarter. Hedge funds and other institutional investors 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.