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

Coinbase Global (NASDAQ:COIN) had its target price hoisted by Barclays from $202.00 to $359.00 in a report released on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the cryptocurrency exchange's stock. Barclays's target price points to a potential downside of 7.70% from the company's previous close.

Several other research firms have also recently issued reports on COIN. Rosenblatt Securities reiterated a "buy" rating and issued a $300.00 target price on shares of Coinbase Global in a research note on Monday, June 16th. Piper Sandler boosted their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Sanford C. Bernstein upped their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $395.00 price target (up previously from $293.00) on shares of Coinbase Global in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and an average price target of $298.60.

Coinbase Global Stock Performance

Shares of COIN stock traded up $15.11 on Thursday, hitting $388.96. The company had a trading volume of 17,059,722 shares, compared to its average volume of 10,877,834. The firm has a market cap of $98.75 billion, a P/E ratio of 72.84, a price-to-earnings-growth ratio of 27.35 and a beta of 3.70. The company has a 50-day moving average price of $278.42 and a 200-day moving average price of $245.80. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $396.71.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's quarterly revenue was up 24.2% compared to the same quarter last year. During the same period last year, the firm earned $2.53 EPS. As a group, equities research analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $338.29, for a total value of $8,457,250.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $177,940.54. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the sale, the chief financial officer directly owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 685,915 shares of company stock worth $222,081,432 over the last three months. Insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the fourth quarter worth about $25,000. Copia Wealth Management acquired a new stake in Coinbase Global during the fourth quarter worth about $26,000. Atala Financial Inc acquired a new stake in Coinbase Global during the fourth quarter worth about $27,000. Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global during the fourth quarter worth about $35,000. Finally, Brooklands Fund Management Ltd acquired a new stake in Coinbase Global during the fourth quarter worth about $37,245,000. 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.