Coinbase Global (NASDAQ:COIN) Price Target Raised to $205.00

Key Points

• Robert W. Baird raised Coinbase’s price target from $130 to $205 while maintaining a “neutral” rating, implying roughly 5% upside from the prior close.
• Analyst sentiment remains mixed, with 19 Buy, 12 Hold and 3 Sell ratings; MarketBeat reports a consensus “Hold” rating and average price target of $222.47.
• Coinbase reported weaker quarterly results, including an adjusted loss of $1.36 per share versus a $0.44 expected loss and revenue of $1.22 billion versus $1.29 billion expected. Insiders sold approximately $20.7 million of stock over the past three months.

Coinbase Global (NASDAQ:COIN) had its price target increased by analysts at Robert W. Baird from $130.00 to $205.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the cryptocurrency exchange's stock. Robert W. Baird's target price would suggest a potential upside of 5.07% from the stock's previous close.

A number of other analysts have also recently weighed in on the stock. Oppenheimer reduced their price objective on shares of Coinbase Global from $209.00 to $193.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. William Blair reaffirmed an "outperform" rating on shares of Coinbase Global in a research report on Tuesday, September 22nd. Barclays decreased their price target on shares of Coinbase Global from $99.00 to $95.00 and set an "underweight" rating on the stock in a research report on Friday, July 31st. Piper Sandler lowered their price target on Coinbase Global from $155.00 to $146.00 and set a "neutral" rating on the stock in a research note on Friday, July 31st. Finally, Zacks Research upgraded Coinbase Global from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 9th. Nineteen investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Coinbase Global has a consensus rating of "Hold" and an average price target of $222.47.

Coinbase Global Price Performance

Shares of COIN opened at $195.11 on Monday. The business's 50-day moving average is $170.99 and its 200-day moving average is $176.08. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.42 and a quick ratio of 2.42. The company has a market capitalization of $51.48 billion, a price-to-earnings ratio of -50.81 and a beta of 3.39. Coinbase Global has a fifty-two week low of $139.11 and a fifty-two week high of $402.16.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same period in the previous year, the firm posted $5.14 earnings per share. The business's revenue for the quarter was down 18.5% on a year-over-year basis. Equities research analysts expect that Coinbase Global will post -0.48 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 39,030 shares of the business's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $205.24, for a total transaction of $8,010,517.20. Following the completion of the sale, the chief financial officer owned 345,376 shares in the company, valued at $70,884,970.24. The trade was a 10.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc L. Andreessen sold 6,838 shares of the company's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $205.05, for a total value of $1,402,131.90. Following the transaction, the director directly owned 1,129,486 shares in the company, valued at $231,601,104.30. This trade represents a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 116,674 shares of company stock valued at $20,720,336 over the last three months. 16.66% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. QRG Capital Management Inc. raised its holdings in Coinbase Global by 26.0% during the 2nd quarter. QRG Capital Management Inc. now owns 30,358 shares of the cryptocurrency exchange's stock worth $4,605,000 after purchasing an additional 6,256 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Coinbase Global by 13.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 44,011 shares of the cryptocurrency exchange's stock valued at $6,586,000 after purchasing an additional 5,343 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Coinbase Global by 185.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange's stock valued at $3,729,000 after purchasing an additional 16,572 shares during the last quarter. Whetstone Capital Advisors LLC grew its position in shares of Coinbase Global by 86.3% during the 2nd quarter. Whetstone Capital Advisors LLC now owns 47,048 shares of the cryptocurrency exchange's stock worth $6,878,000 after buying an additional 21,788 shares during the period. Finally, National Pension Service grew its position in shares of Coinbase Global by 117.1% during the 2nd quarter. National Pension Service now owns 641,518 shares of the cryptocurrency exchange's stock worth $93,784,000 after buying an additional 346,045 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile

Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.

Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.

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