Sanford C. Bernstein Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price raised by equities research analysts at Sanford C. Bernstein from $310.00 to $510.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the cryptocurrency exchange's stock. Sanford C. Bernstein's target price would indicate a potential upside of 47.90% from the company's current price.

Other analysts also recently issued research reports about the stock. Monness Crespi & Hardt raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price objective on the stock in a report on Tuesday, May 13th. China Renaissance initiated coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Jefferies Financial Group restated a "hold" rating and issued a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Needham & Company LLC reduced their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, The Goldman Sachs Group boosted their target price on Coinbase Global from $189.00 to $209.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $286.42.

Coinbase Global Stock Performance

Shares of COIN stock opened at $344.82 on Wednesday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $238.44 and a 200-day simple moving average of $240.34. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 64.57, a price-to-earnings-growth ratio of 22.50 and a beta of 3.62. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $363.46.

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

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $178.79, for a total transaction of $2,681,850.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $94,043.54. This represents a 96.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 107,291 shares of the company's stock, valued at $21,458,200. This trade represents a 6.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,915 shares of company stock valued at $48,349,215. Company insiders own 23.43% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently made changes to their positions in the stock. Truist Financial Corp raised its position in shares of Coinbase Global by 18.8% in the 4th quarter. Truist Financial Corp now owns 6,577 shares of the cryptocurrency exchange's stock worth $1,633,000 after buying an additional 1,040 shares during the period. Sigma Planning Corp raised its holdings in shares of Coinbase Global by 162.6% in the 4th quarter. Sigma Planning Corp now owns 3,508 shares of the cryptocurrency exchange's stock worth $871,000 after purchasing an additional 2,172 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of Coinbase Global by 19.2% in the 4th quarter. First Horizon Advisors Inc. now owns 621 shares of the cryptocurrency exchange's stock valued at $154,000 after purchasing an additional 100 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Coinbase Global by 297.8% during the 4th quarter. IFP Advisors Inc now owns 7,080 shares of the cryptocurrency exchange's stock worth $1,758,000 after purchasing an additional 5,300 shares during the period. Finally, Amalgamated Bank increased its position in Coinbase Global by 4.7% during the 4th quarter. Amalgamated Bank now owns 13,118 shares of the cryptocurrency exchange's stock worth $3,257,000 after purchasing an additional 585 shares in the last quarter. Institutional investors and hedge funds 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.

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