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

Coinbase Global (NASDAQ:COIN) had its price objective boosted by analysts at Oppenheimer from $395.00 to $417.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price suggests a potential upside of 7.47% from the stock’s current price.

Several other research analysts also recently commented on COIN. Monness Crespi & Hardt raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research report on Tuesday, May 13th. Rosenblatt Securities restated a “buy” rating and issued a $300.00 price target on shares of Coinbase Global in a report on Monday, June 16th. JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research report on Monday. Benchmark increased their price target on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research report on Monday, June 23rd. Finally, Barclays boosted their target price on Coinbase Global from $202.00 to $359.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $305.71.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $388.02 on Monday. Coinbase Global has a one year low of $142.58 and a one year high of $400.88. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The company’s fifty day moving average is $289.76 and its two-hundred day moving average is $248.00. The firm has a market capitalization of $98.51 billion, a P/E ratio of 72.66, a PEG ratio of 29.98 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) 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 firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the business earned $2.53 EPS. The firm’s revenue was up 24.2% compared to the same quarter last year. Analysts forecast that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brian Armstrong sold 165,443 shares of the business’s stock in a transaction that occurred on Monday, July 14th. The shares were 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 is accessible through the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the sale, the chief financial officer owned 97,366 shares of the company’s stock, valued at approximately $35,071,233.20. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 864,109 shares of company stock worth $295,681,757. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the business. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the fourth quarter worth about $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global in the 4th quarter worth $26,000. Bessemer Group Inc. increased its position in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global in the 1st quarter valued at about $30,000. Finally, S Bank Fund Management Ltd purchased a new position in shares of Coinbase Global in the 1st quarter valued at about $31,000. 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.