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

Coinbase Global (NASDAQ:COIN) had its price target upped by Benchmark from $252.00 to $301.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other research reports. Barclays increased their target price on shares of Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. HC Wainwright reissued a “buy” rating and set a $350.00 target price on shares of Coinbase Global in a research report on Friday, February 21st. Bank of America dropped their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Needham & Company LLC dropped their target price on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Finally, Monness Crespi & Hardt raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 target price for the company in a research report on Tuesday. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $265.20.

Coinbase Global Trading Up 9.0%

NASDAQ COIN opened at $266.46 on Friday. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $349.75. The company has a 50-day moving average of $191.65 and a 200-day moving average of $244.07. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market cap of $67.65 billion, a P/E ratio of 28.05 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the company posted $2.53 EPS. As a group, equities analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $104,226.90. This trade represents a 95.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,764 shares of company stock worth $35,671,592 over the last ninety days. 17.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares during the period. Geode Capital Management LLC increased its position in Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after buying an additional 127,075 shares during the period. ARK Investment Management LLC increased its position in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after buying an additional 34,462 shares during the period. Groupama Asset Managment increased its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the period. Finally, Norges Bank acquired a new stake in Coinbase Global in the fourth quarter worth $536,484,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.