Coinbase Global (NASDAQ:COIN) Receives Market Outperform Rating from JMP Securities

Coinbase Global (NASDAQ:COIN)'s stock had its "market outperform" rating reiterated by equities research analysts at JMP Securities in a research report issued on Wednesday,Benzinga reports. They currently have a $400.00 target price on the cryptocurrency exchange's stock. JMP Securities' price target suggests a potential upside of 13.18% from the company's previous close.

A number of other brokerages have also recently weighed in on COIN. Benchmark raised their price target on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Sanford C. Bernstein lifted their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Piper Sandler lifted their price objective on Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $291.06.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $21.64 during mid-day trading on Wednesday, hitting $353.43. 28,945,154 shares of the company were exchanged, compared to its average volume of 10,718,893. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $249.67 and a 200-day simple moving average of $241.93. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $382.00. The firm has a market cap of $89.73 billion, a price-to-earnings ratio of 66.19, a price-to-earnings-growth ratio of 27.43 and a beta of 3.61.

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 for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. Coinbase Global's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.53 earnings per share. On average, sell-side analysts forecast that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the transaction, the insider now directly owns 83,313 shares of the company's stock, valued at $16,505,971.56. This represents a 10.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 113,735 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $363.15, for a total value of $41,302,865.25. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $191,016.90. The trade was a 99.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 665,915 shares of company stock valued at $212,665,732. Corporate insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the business. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $26,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $35,000. Finally, Brooklands Fund Management Ltd acquired a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $37,245,000. 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.