Coinbase Global (NASDAQ:COIN) Price Target Cut to $334.00 by Analysts at Oppenheimer

Coinbase Global (NASDAQ:COIN) had its price objective decreased by analysts at Oppenheimer from $358.00 to $334.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price indicates a potential upside of 13.04% from the company’s current price.

A number of other analysts have also issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group cut their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $295.48 on Friday. The firm has a market capitalization of $73.97 billion, a PE ratio of 50.42 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $291.21 and a two-hundred day moving average price of $231.26. Coinbase Global has a twelve month low of $114.51 and a twelve month high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the business posted ($0.01) earnings per share. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. Equities analysts forecast that Coinbase Global will post 4.69 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The sale was disclosed in a 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 Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. This represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 347,033 shares of company stock valued at $102,613,277 in the last ninety days. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Banco Santander S.A. raised its position in shares of Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after acquiring an additional 16,737 shares in the last quarter. Global Retirement Partners LLC raised its holdings in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global during the third quarter valued at $29,756,000. Lindbrook Capital LLC boosted its holdings in shares of Coinbase Global by 30.2% during the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the 2nd quarter valued at $2,908,000. 68.84% of the stock is owned by hedge funds and other 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.