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

Coinbase Global (NASDAQ:COIN) had its target price raised by equities research analysts at Oppenheimer from $395.00 to $417.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the cryptocurrency exchange's stock. Oppenheimer's target price would suggest a potential upside of 1.52% from the stock's current price.

Several other equities analysts also recently commented on the stock. Argus began coverage on shares of Coinbase Global in a research report on Monday. They set a "buy" rating and a $400.00 target price on the stock. William Blair initiated coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. Cantor Fitzgerald started coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. China Renaissance started coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Finally, JPMorgan Chase & Co. lowered their target price on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $313.10.

Coinbase Global Stock Up 3.2%

NASDAQ COIN traded up $12.55 on Monday, hitting $410.75. 16,568,594 shares of the stock traded hands, compared to its average volume of 10,995,241. The company has a market capitalization of $104.28 billion, a P/E ratio of 76.92, a price-to-earnings-growth ratio of 29.52 and a beta of 3.70. The stock has a 50-day moving average of $293.80 and a 200 day moving average of $249.03. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $415.75. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The business's quarterly revenue was up 24.2% compared to the same quarter last year. During the same period last year, the company earned $2.53 earnings per share. As a group, analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 864,109 shares of company stock valued at $295,681,757 in the last three months. 17.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in COIN. Proficio Capital Partners LLC raised its position in shares of Coinbase Global by 23.9% in the fourth 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 during the period. Farther Finance Advisors LLC boosted its position in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock valued at $239,000 after buying an additional 40 shares during the period. Avantax Advisory Services Inc. lifted its position 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 worth $852,000 after purchasing an additional 461 shares during the period. Envestnet Portfolio Solutions Inc. increased 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 worth $610,000 after acquiring an additional 232 shares in the last quarter. Finally, Corient Private Wealth LLC increased 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 worth $2,493,000 after acquiring an additional 686 shares in the last quarter. 68.84% of the stock is currently 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.