Coinbase Global (NASDAQ:COIN) Price Target Raised to $405.00 at Jefferies Financial Group

Key Points

• The price target for Coinbase Global has been increased from $260.00 to $405.00 by Jefferies Financial Group, indicating a potential upside of 9.04% from its current price.
• Multiple analysts have mixed ratings for Coinbase, with thirteen analysts giving a "buy" rating and a consensus price target of $336.58.
• Insider selling has been notable, with CFO Alesia J. Haas and CEO Brian Armstrong selling significant shares, leading to a decrease in their ownership percentages.

Coinbase Global (NASDAQ:COIN) had its price objective upped by stock analysts at Jefferies Financial Group from $260.00 to $405.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "hold" rating on the cryptocurrency exchange's stock. Jefferies Financial Group's price objective suggests a potential upside of 9.04% from the stock's current price.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a report on Friday, May 9th. Citigroup lifted their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday. JMP Securities lifted their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Finally, Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday. 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $336.58.

Coinbase Global Trading Down 2.1%

Shares of COIN stock traded down $8.05 on Tuesday, hitting $371.44. 9,309,316 shares of the company's stock traded hands, compared to its average volume of 11,417,854. The stock has a market capitalization of $94.30 billion, a price-to-earnings ratio of 69.56, a P/E/G ratio of 29.86 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. The company's fifty day simple moving average is $319.92 and its 200 day simple moving average is $256.73. Coinbase Global has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $2.22 billion. During the same period in the previous year, the company earned $2.53 EPS. The company's quarterly revenue was up 24.2% on a year-over-year basis. Equities analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the transaction, the chief financial officer owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last three months. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Groupama Asset Managment acquired a new stake in shares of Coinbase Global during the 4th quarter worth approximately $372,450,000. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the period. Nuveen LLC acquired a new stake in Coinbase Global in the 1st quarter valued at $83,454,000. Amundi lifted its holdings in 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 in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after acquiring an additional 333,600 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.

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