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

Coinbase Global (NASDAQ:COIN) had its price objective increased by stock analysts at Rosenblatt Securities from $300.00 to $470.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the cryptocurrency exchange's stock. Rosenblatt Securities' price objective points to a potential upside of 11.96% from the company's current price.

COIN has been the subject of several other reports. Keefe, Bruyette & Woods increased their price target on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. The Goldman Sachs Group increased their price target on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Argus initiated coverage on Coinbase Global in a report on Monday. They set a "buy" rating and a $400.00 price target for the company. Piper Sandler increased their price target on Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $313.10.

Coinbase Global Stock Performance

Shares of COIN stock traded up $9.03 during trading hours on Thursday, hitting $419.78. The stock had a trading volume of 27,962,527 shares, compared to its average volume of 11,072,439. The firm has a market capitalization of $106.57 billion, a PE ratio of 78.61, a PEG ratio of 30.30 and a beta of 3.70. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $444.41. The stock's 50 day moving average is $297.88 and its 200 day moving average is $250.10. 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 posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company posted $2.53 earnings per share. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. As a group, research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 3,000 shares of Coinbase Global stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the sale, the chief financial officer owned 97,366 shares in the company, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,245,915 shares of company stock worth $447,462,456. 17.65% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC lifted its stake in shares of Coinbase Global by 23.9% in the 4th quarter. Proficio Capital Partners LLC now owns 1,685 shares of the cryptocurrency exchange's stock valued at $418,000 after purchasing an additional 325 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Coinbase Global by 15.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 3,430 shares of the cryptocurrency exchange's stock valued at $852,000 after purchasing an additional 461 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock valued at $610,000 after purchasing an additional 232 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Coinbase Global by 7.3% in the 4th quarter. Corient Private Wealth LLC now owns 10,042 shares of the cryptocurrency exchange's stock valued at $2,493,000 after purchasing an additional 686 shares in the last quarter. Finally, Harbour Investments Inc. lifted its stake in shares of Coinbase Global by 16.6% in the 4th quarter. Harbour Investments Inc. now owns 3,165 shares of the cryptocurrency exchange's stock valued at $786,000 after purchasing an additional 450 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.