Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Barclays Analyst Says

Coinbase Global (NASDAQ:COIN) had its price target upped by investment analysts at Barclays from $169.00 to $202.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the cryptocurrency exchange’s stock. Barclays‘s price target suggests a potential downside of 4.56% from the company’s previous close.

A number of other research firms also recently weighed in on COIN. HC Wainwright restated a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Benchmark began coverage on shares of Coinbase Global in a research note on Wednesday, April 23rd. They issued a “buy” rating and a $252.00 price target on the stock. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a report on Thursday. Keefe, Bruyette & Woods raised their price objective on Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a report on Friday. Finally, Bank of America cut their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Eleven analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $268.05.

Coinbase Global Stock Up 6.2%

Shares of NASDAQ COIN traded up $12.33 during mid-day trading on Monday, hitting $211.65. The company had a trading volume of 4,545,290 shares, compared to its average volume of 9,642,428. The company has a market capitalization of $53.73 billion, a PE ratio of 22.42 and a beta of 3.62. The firm has a 50-day simple moving average of $187.38 and a two-hundred day simple moving average of $243.30. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a one year low of $142.58 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the business posted $2.53 EPS. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. On average, equities analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $144,786.76. This represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. The trade was a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,742 shares of company stock valued at $32,639,759. 17.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global in the fourth quarter worth about $25,000. Copia Wealth Management purchased a new position in Coinbase Global in the fourth quarter worth about $26,000. Bessemer Group Inc. boosted its position in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 113 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global in the fourth quarter worth about $27,000. Finally, Atala Financial Inc purchased a new position in Coinbase Global in the fourth quarter worth about $27,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

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.