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

Coinbase Global (NASDAQ:COIN) had its price target increased by analysts at 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 price target suggests a potential downside of 7.25% from the company's current price.

Other research analysts have also recently issued reports about the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Benchmark lifted their price objective on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Citigroup reaffirmed a "buy" rating on shares of Coinbase Global in a research report on Wednesday, June 25th. JPMorgan Chase & Co. lowered their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $298.60.

Coinbase Global Trading Down 0.5%

COIN stock traded down $1.90 on Thursday, reaching $387.06. The company's stock had a trading volume of 16,560,793 shares, compared to its average volume of 10,900,905. The business has a fifty day simple moving average of $278.42 and a two-hundred day simple moving average of $245.80. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $398.56. The firm has a market cap of $98.27 billion, a PE ratio of 72.48, a PEG ratio of 27.35 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly 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 firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.53 earnings per share. As a group, research analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 685,915 shares of company stock worth $222,081,432. 17.65% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. Norges Bank bought a new position in Coinbase Global during the fourth quarter valued at about $536,484,000. Groupama Asset Managment grew its stake in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the period. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the period. Nuveen LLC bought a new stake in shares of Coinbase Global in the 1st quarter valued at approximately $83,454,000. Finally, Amundi grew its stake in shares of Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after purchasing an additional 481,786 shares during the period. 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.