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

Coinbase Global (NASDAQ:COIN) had its target price upped by equities researchers at JMP Securities from $400.00 to $440.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "market outperform" rating on the cryptocurrency exchange's stock. JMP Securities' target price indicates a potential upside of 11.67% from the company's current price.

Several other research analysts also recently weighed in on COIN. Barclays upped their price target on Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a research note on Thursday. HC Wainwright restated a "sell" rating and set a $300.00 target price (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday. William Blair began coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. JPMorgan Chase & Co. decreased their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $305.71.

Coinbase Global Price Performance

Shares of COIN traded up $6.95 during mid-day trading on Monday, reaching $394.01. The stock had a trading volume of 12,435,005 shares, compared to its average volume of 11,175,297. The firm has a market cap of $100.03 billion, a price-to-earnings ratio of 73.78, a PEG ratio of 29.42 and a beta of 3.70. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $398.50. The business has a fifty day moving average of $282.06 and a 200 day moving average of $246.12. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. During the same quarter in the previous year, the company posted $2.53 EPS. The company's quarterly revenue was up 24.2% on a year-over-year basis. Equities analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $177,940.54. This represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on 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 transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 670,915 shares of company stock valued at $219,399,582 over the last 90 days. Insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Golden State Equity Partners grew its stake in Coinbase Global by 3.5% in the 2nd quarter. Golden State Equity Partners now owns 3,063 shares of the cryptocurrency exchange's stock worth $1,074,000 after acquiring an additional 104 shares in the last quarter. AdvisorNet Financial Inc grew its stake in Coinbase Global by 15.8% in the second quarter. AdvisorNet Financial Inc now owns 4,239 shares of the cryptocurrency exchange's stock worth $1,486,000 after purchasing an additional 578 shares in the last quarter. CRA Financial Services LLC increased its holdings in Coinbase Global by 5.9% during the 2nd quarter. CRA Financial Services LLC now owns 1,444 shares of the cryptocurrency exchange's stock worth $506,000 after purchasing an additional 80 shares during the period. IronOak Wealth LLC. bought a new stake in Coinbase Global during the 2nd quarter valued at $2,490,000. Finally, Armstrong Advisory Group Inc. grew its position in shares of Coinbase Global by 1,119.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 378 shares of the cryptocurrency exchange's stock worth $132,000 after buying an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

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.