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

Coinbase Global (NASDAQ:COIN) had its price objective hoisted by JMP Securities from $400.00 to $440.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “market outperform” rating on the cryptocurrency exchange’s stock. JMP Securities’ price target would indicate a potential upside of 13.40% from the company’s current price.

A number of other research firms have also recently commented on COIN. Citigroup reaffirmed a “buy” rating on shares of Coinbase Global in a research note on Wednesday, June 25th. Argus began coverage on Coinbase Global in a research note on Monday. They set a “buy” rating and a $400.00 target price on the stock. China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a “buy” rating and a $353.30 target price on the stock. HC Wainwright reissued a “sell” rating and issued a $300.00 price objective (down previously from $305.00) on shares of Coinbase Global in a research note on Thursday, July 10th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $300.00 price objective on shares of Coinbase Global in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.71.

Coinbase Global Stock Performance

COIN stock opened at $388.02 on Monday. The stock has a market capitalization of $98.51 billion, a PE ratio of 72.66, a price-to-earnings-growth ratio of 29.98 and a beta of 3.70. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $400.88. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock’s 50 day simple moving average is $289.76 and its 200 day simple moving average is $248.00.

Coinbase Global (NASDAQ:COIN) last released 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 net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter last year, the firm posted $2.53 earnings per share. Coinbase Global’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 165,443 shares of the business’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $395.82, for a total transaction of $65,485,648.26. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $208,201.32. The trade was a 99.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the transaction, the insider directly owned 82,328 shares of the company’s stock, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 864,109 shares of company stock valued at $295,681,757. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Amalgamated Bank increased its stake in shares of Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock worth $2,368,000 after buying an additional 629 shares during the period. KCM Investment Advisors LLC purchased a new position in shares of Coinbase Global in the fourth quarter worth $507,000. GAMMA Investing LLC increased its position in Coinbase Global by 8.1% during the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after purchasing an additional 84 shares during the period. Kingswood Wealth Advisors LLC increased its position in Coinbase Global by 124.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock valued at $453,000 after purchasing an additional 1,454 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its position in Coinbase Global by 10.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after purchasing an additional 232 shares during the period. 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.