Barclays Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Key Points

• Barclays has raised its price target for Coinbase Global (NASDAQ:COIN) from $352 to $365, indicating a potential upside of 12.35% from the previous close.
• Despite positive forecasts from Barclays, other analysts like JPMorgan Chase and Monness Crespi & Hardt have downgraded their ratings and price targets for Coinbase.
• Recent insider trading revealed that CEO Brian Armstrong sold a significant portion of his shares, totaling over $121 million, representing a 99.84% decrease in his ownership position.

Coinbase Global (NASDAQ:COIN) had its price objective lifted by analysts at Barclays from $352.00 to $365.00 in a report released on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the cryptocurrency exchange's stock. Barclays's price objective suggests a potential upside of 19.91% from the stock's previous close.

A number of other brokerages have also recently weighed in on COIN. William Blair assumed coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating on the stock. Oppenheimer restated an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Citigroup lifted their price objective on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Williams Trading set a $405.00 target price on Coinbase Global in a research report on Thursday, July 31st. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and an average price target of $352.72.

Coinbase Global Stock Down 5.1%

Shares of Coinbase Global stock traded down $16.33 on Friday, reaching $304.40. 5,964,013 shares of the company were exchanged, compared to its average volume of 11,566,334. The stock's 50 day moving average price is $341.25 and its 200-day moving average price is $261.16. The company has a market cap of $78.21 billion, a P/E ratio of 29.45 and a beta of 3.70. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. Coinbase Global's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $171,849.46. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,185,704 shares of company stock valued at $438,918,732 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $26,000. Bessemer Group Inc. boosted its holdings in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares during the period. Evelyn Partners Investment Management Europe Ltd raised its stake in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after purchasing an additional 36 shares during the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter worth approximately $30,000. 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.