Wedbush Increases Coinbase Global (NASDAQ:COIN) Price Target to $250.00

Coinbase Global (NASDAQ:COIN) had its target price increased by Wedbush from $200.00 to $250.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the cryptocurrency exchange’s stock.

A number of other research analysts also recently commented on the company. Citigroup boosted their target price on Coinbase Global from $90.00 to $151.00 and gave the company a neutral rating in a research note on Friday, January 19th. HC Wainwright boosted their price target on Coinbase Global from $250.00 to $300.00 and gave the company a buy rating in a research note on Monday, April 29th. Bank of America raised their target price on Coinbase Global from $92.00 to $110.00 and gave the company an underperform rating in a report on Wednesday, April 10th. Raymond James raised shares of Coinbase Global from an underperform rating to a market perform rating in a research report on Tuesday, March 12th. Finally, Mizuho raised their price target on Coinbase Global from $84.00 to $145.00 and gave the company an underperform rating in a research report on Friday, April 12th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $193.85.

Coinbase Global Price Performance

Shares of COIN opened at $226.93 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $54.98 billion, a price-to-earnings ratio of 45.30 and a beta of 3.46. The business’s 50-day moving average is $236.37 and its 200-day moving average is $167.06. Coinbase Global has a fifty-two week low of $46.43 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The company had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. During the same quarter in the prior year, the firm earned ($2.46) EPS. The company’s revenue was up 51.6% compared to the same quarter last year. Equities research analysts expect that Coinbase Global will post 2.71 EPS for the current fiscal year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the sale, the director now owns 4,662 shares in the company, valued at approximately $558,181.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the sale, the director now directly owns 4,662 shares of the company’s stock, valued at $558,181.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $147.03, for a total transaction of $3,392,717.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 420,597 shares of company stock worth $86,053,862. Corporate insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Geneos Wealth Management Inc. raised its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the last quarter. Concord Wealth Partners increased its position in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares during the period. Mather Group LLC. bought a new stake in Coinbase Global during the 1st quarter worth about $32,000. Barrett & Company Inc. bought a new position in shares of Coinbase Global in the 4th quarter valued at about $26,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Coinbase Global in the 4th quarter valued at about $27,000. Institutional investors and hedge funds 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.