JMP Securities Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective raised by JMP Securities from $400.00 to $475.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a market outperform rating on the cryptocurrency exchange’s stock.

A number of other analysts have also recently commented on COIN. Barclays upped their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a report on Thursday. Oppenheimer lowered their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Piper Sandler increased their target price on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday. Finally, The Goldman Sachs Group lowered their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Coinbase Global has an average rating of “Moderate Buy” and an average price target of $301.17.

Coinbase Global Stock Down 8.0 %

NASDAQ:COIN opened at $274.31 on Friday. The stock’s fifty day moving average price is $280.97 and its two-hundred day moving average price is $238.16. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $68.67 billion, a price-to-earnings ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. On average, analysts anticipate that Coinbase Global will post 4.81 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % 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. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the transaction, the chief operating officer now directly owns 177,576 shares in the company, valued at $52,972,696.56. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 386,798 shares of company stock worth $114,707,944 over the last three months. 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 company. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global in the third quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. acquired a new position in Coinbase Global in the fourth quarter valued at $27,000. Atala Financial Inc acquired a new position in Coinbase Global in the fourth quarter valued at $27,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares during the period. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after purchasing an additional 204 shares during the period. 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.