Coinbase Global (NASDAQ:COIN) Price Target Raised to $505.00 at Citigroup

Key Points

• Citigroup has raised its price target for Coinbase Global's stock from $270 to $505, indicating a potential upside of 35.47% from its current price.
• The stock has received multiple revised price targets from other analysts, with an average price target of $330.27 and a prevailing "hold" rating.
• Despite the optimistic forecasts, shares of Coinbase Global recently fell 1.8% to $372.79, with a significant trading volume of over 7 million shares.

Coinbase Global (NASDAQ:COIN) had its price objective lifted by analysts at Citigroup from $270.00 to $505.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has a "buy" rating on the cryptocurrency exchange's stock. Citigroup's target price would indicate a potential upside of 60.48% from the company's current price.

A number of other equities analysts also recently weighed in on the company. Needham & Company LLC cut their target price on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Barclays boosted their target price on Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating on the stock. Keefe, Bruyette & Woods boosted 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. Finally, JMP Securities boosted their target price on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Coinbase Global currently has an average rating of "Hold" and a consensus price target of $344.55.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $314.69 on Tuesday. Coinbase Global has a one year low of $142.58 and a one year high of $444.64. The firm has a market capitalization of $79.89 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 26.32 and a beta of 3.70. The business has a 50-day simple moving average of $327.63 and a 200 day simple moving average of $259.64. 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 (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 earnings per share. On average, research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock valued at $439,997,456 in the last ninety days. 17.65% 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. Mascagni Wealth Management Inc. purchased a new stake in Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $26,000. Bessemer Group Inc. increased its position in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new position in shares of Coinbase Global during the first quarter worth approximately $30,000. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global during the second quarter worth approximately $30,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.