Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Benchmark Analyst Says

Coinbase Global (NASDAQ:COIN) had its price objective upped by equities researchers at Benchmark from $252.00 to $301.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Benchmark’s price target indicates a potential upside of 12.96% from the stock’s previous close.

Other research analysts have also issued reports about the company. Citigroup reiterated a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. Compass Point upgraded Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target for the company in a report on Monday, May 12th. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price target for the company. Mizuho cut their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. cut their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $265.20.

Coinbase Global Stock Up 9.0%

COIN opened at $266.46 on Friday. The business has a 50 day moving average price of $191.65 and a 200 day moving average price of $244.29. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market cap of $67.65 billion, a P/E ratio of 28.05 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the firm posted $2.53 earnings per share. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. Research analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,978 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This represents a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now owns 114,866 shares in the company, valued at $22,973,200. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 168,764 shares of company stock worth $35,671,592 over the last three months. Company insiders own 17.65% of the company’s stock.

Institutional Trading of Coinbase Global

Large investors have recently made changes to their positions in the business. Mascagni Wealth Management Inc. bought a new stake in shares of Coinbase Global during the fourth quarter worth $25,000. Copia Wealth Management bought a new position in Coinbase Global in the fourth quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new position in Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc bought a new position in Coinbase Global in the fourth quarter valued at about $27,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares during the last quarter. Institutional investors 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.