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

Coinbase Global (NASDAQ:COIN) had its target price upped by Benchmark from $301.00 to $421.00 in a report issued on Monday morning,Benzinga reports. Benchmark currently has a buy rating on the cryptocurrency exchange's stock.

Several other equities research analysts have also recently weighed in on COIN. Jefferies Financial Group reiterated a "hold" rating and issued a $260.00 target price (up from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Bank of America cut their price target on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Oppenheimer set a $293.00 price objective on shares of Coinbase Global in a research note on Thursday, May 15th. Monness Crespi & Hardt raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price objective on the stock in a report on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods upped their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $291.06.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded up $19.70 during midday trading on Monday, hitting $375.07. The company had a trading volume of 27,258,011 shares, compared to its average volume of 10,625,470. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $381.60. The company has a market cap of $95.22 billion, a price-to-earnings ratio of 70.24, a PEG ratio of 25.99 and a beta of 3.61. The company has a fifty day moving average of $242.10 and a two-hundred day moving average of $241.14.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company 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 firm's revenue for the quarter was up 24.2% on a year-over-year basis. During the same period last year, the company earned $2.53 EPS. On average, equities research analysts expect that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 1,741 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $247.50, for a total value of $430,897.50. Following the transaction, the chief financial officer now owns 10,450 shares in the company, valued at approximately $2,586,375. This represents a 14.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,915 shares of company stock worth $48,349,215. Company insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. lifted its position in Coinbase Global by 35.3% in the fourth quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange's stock valued at $256,000 after purchasing an additional 269 shares during the period. Truist Financial Corp raised its stake in shares of Coinbase Global by 18.8% during the 4th quarter. Truist Financial Corp now owns 6,577 shares of the cryptocurrency exchange's stock worth $1,633,000 after buying an additional 1,040 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Coinbase Global by 162.6% in the fourth quarter. Sigma Planning Corp now owns 3,508 shares of the cryptocurrency exchange's stock valued at $871,000 after buying an additional 2,172 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Coinbase Global by 19.2% during the fourth quarter. First Horizon Advisors Inc. now owns 621 shares of the cryptocurrency exchange's stock worth $154,000 after acquiring an additional 100 shares during the period. Finally, Howard Capital Management Inc. raised its position in Coinbase Global by 5.1% in the fourth quarter. Howard Capital Management Inc. now owns 1,371 shares of the cryptocurrency exchange's stock worth $340,000 after acquiring an additional 67 shares in the last quarter. Hedge funds and other institutional investors 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.