China Renaissance Boosts Coinbase Global (NASDAQ:COIN) Price Target to $479.30

Coinbase Global (NASDAQ:COIN) had its target price boosted by research analysts at China Renaissance from $444.60 to $479.30 in a research report issued on Monday,MarketScreener reports. China Renaissance’s price target points to a potential upside of 55.96% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Oppenheimer reiterated an “outperform” rating and set a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Williams Trading set a $405.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $384.00 target price on shares of Coinbase Global in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $393.98.

Coinbase Global Trading Down 7.0%

COIN stock opened at $307.32 on Monday. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $444.64. The stock has a market capitalization of $78.96 billion, a price-to-earnings ratio of 26.58 and a beta of 3.67. The firm’s fifty day simple moving average is $333.90 and its two-hundred day simple moving average is $309.45.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business’s revenue was up 55.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.28 earnings per share. As a group, analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at $28,475,608.64. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company’s stock, valued at $190,054.32. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 180,657 shares of company stock worth $59,552,326 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently made changes to their positions in the company. Evelyn Partners Investment Management Europe Ltd lifted its stake in shares of Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after purchasing an additional 36 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $30,000. Salomon & Ludwin LLC lifted its stake in shares of Coinbase Global by 4,400.0% in the 3rd quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 88 shares during the period. City State Bank acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $33,000. Finally, Financial Gravity Companies Inc. acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.