Coinbase Global, Inc. (NASDAQ:COIN) Receives $352.72 Consensus Target Price from Analysts

Coinbase Global, Inc. (NASDAQ:COIN) has earned a consensus recommendation of “Hold” from the twenty-five ratings firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $356.1792.

Several research analysts have weighed in on the stock. William Blair assumed coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Citigroup increased their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Jefferies Financial Group raised their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a “hold” rating in a report on Tuesday, July 29th. Finally, Mizuho set a $300.00 target price on shares of Coinbase Global in a report on Thursday.

Coinbase Global Stock Up 7.0%

Coinbase Global stock opened at $343.13 on Tuesday. The stock has a market cap of $88.16 billion, a P/E ratio of 33.18 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $444.64. The company’s 50-day moving average price is $337.55 and its two-hundred day moving average price is $270.18.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share. As a group, analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 1,202,515 shares of company stock worth $448,306,941 over the last quarter. 17.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in COIN. Vanguard Group Inc. increased its stake in Coinbase Global by 25.5% in the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock valued at $8,484,964,000 after acquiring an additional 4,914,407 shares during the last quarter. Norges Bank bought a new position in Coinbase Global in the second quarter valued at approximately $1,044,354,000. Geode Capital Management LLC increased its stake in Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. Groupama Asset Managment increased its stake in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Coinbase Global by 53.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange’s stock valued at $510,284,000 after acquiring an additional 504,068 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

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.