Wedbush Increases Coinbase Global (NASDAQ:COIN) Price Target to $250.00

Coinbase Global (NASDAQ:COIN) had its price target raised by stock analysts at Wedbush from $200.00 to $250.00 in a report issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the cryptocurrency exchange's stock. Wedbush's price target would indicate a potential upside of 11.98% from the stock's current price.

Several other analysts have also recently issued reports on COIN. TheStreet raised shares of Coinbase Global from a "d" rating to a "c-" rating in a research report on Friday, February 16th. Canaccord Genuity Group raised their price target on shares of Coinbase Global from $240.00 to $280.00 and gave the company a "buy" rating in a research report on Friday. Needham & Company LLC cut their price objective on Coinbase Global from $275.00 to $260.00 and set a "buy" rating on the stock in a research report on Friday. Piper Sandler lifted their target price on Coinbase Global from $225.00 to $245.00 and gave the company a "neutral" rating in a report on Friday, April 12th. Finally, JPMorgan Chase & Co. boosted their target price on Coinbase Global from $95.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, March 15th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Coinbase Global presently has an average rating of "Hold" and an average price target of $185.48.

Coinbase Global Trading Down 2.4 %

Coinbase Global stock traded down $5.60 during trading on Friday, hitting $223.25. The company had a trading volume of 13,520,069 shares, compared to its average volume of 13,332,489. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The company's 50 day simple moving average is $235.22 and its 200-day simple moving average is $164.76. Coinbase Global has a 1-year low of $46.43 and a 1-year high of $283.48. The stock has a market cap of $54.09 billion, a price-to-earnings ratio of 826.85 and a beta of 3.46.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business had revenue of $953.80 million during the quarter, compared to analysts' expectations of $826.10 million. During the same period in the previous year, the firm posted ($2.46) earnings per share. The company's revenue was up 51.6% on a year-over-year basis. As a group, analysts expect that Coinbase Global will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,624 shares of the business's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $168.75, for a total value of $274,050.00. Following the completion of the sale, the chief accounting officer now owns 29,236 shares in the company, valued at $4,933,575. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Coinbase Global news, CAO Jennifer N. Jones sold 1,624 shares of Coinbase Global stock in a transaction on Monday, February 26th. The shares were sold at an average price of $168.75, for a total value of $274,050.00. Following the transaction, the chief accounting officer now directly owns 29,236 shares in the company, valued at $4,933,575. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the sale, the chief financial officer now owns 219,490 shares of the company's stock, valued at approximately $50,142,490.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 420,597 shares of company stock valued at $86,053,862. 33.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of COIN. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange's stock valued at $2,483,800,000 after acquiring an additional 408,046 shares in the last quarter. Morgan Stanley boosted its holdings in Coinbase Global by 18.5% in the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange's stock valued at $246,250,000 after purchasing an additional 511,397 shares in the last quarter. Norges Bank acquired a new position in Coinbase Global during the 4th quarter worth approximately $202,936,000. Northern Trust Corp raised its stake in shares of Coinbase Global by 4.3% during the 3rd quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange's stock worth $67,359,000 after buying an additional 37,019 shares in the last quarter. Finally, a16z Perennial Management L.P. acquired a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $147,646,000. 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.