Brokerages Set Coinbase Global, Inc. (NASDAQ:COIN) Target Price at $248.38

Coinbase Global, Inc. (NASDAQ:COIN) has been given an average recommendation of “Hold” by the eighteen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $246.06.

COIN has been the subject of a number of recent analyst reports. Barclays raised Coinbase Global from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $206.00 to $169.00 in a report on Friday, September 6th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a report on Monday, August 5th. The Goldman Sachs Group decreased their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, HC Wainwright cut their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd.

Coinbase Global Trading Up 3.7 %

NASDAQ:COIN opened at $162.89 on Friday. The firm has a market cap of $40.00 billion, a PE ratio of 32.51 and a beta of 3.36. The stock has a fifty day moving average price of $205.41 and a 200 day moving average price of $223.29. Coinbase Global has a 12-month low of $69.63 and a 12-month high of $283.48. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. During the same period last year, the firm earned ($0.42) earnings per share. Sell-side analysts anticipate that Coinbase Global will post 4.28 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the transaction, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.95, for a total value of $335,925.00. Following the completion of the sale, the chief operating officer now directly owns 205,971 shares in the company, valued at approximately $46,127,205.45. The disclosure for this sale can be found here. Insiders have sold 110,062 shares of company stock worth $22,872,039 in the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. boosted its holdings in Coinbase Global by 162.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after purchasing an additional 114 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after acquiring an additional 33,240 shares in the last quarter. Paragon Capital Management Ltd boosted its stake in shares of Coinbase Global by 58.6% during the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock worth $61,418,000 after acquiring an additional 85,573 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its stake in shares of Coinbase Global by 93.5% during the 1st quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock worth $3,922,000 after acquiring an additional 7,148 shares in the last quarter. Hedge funds and other 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.