Coinbase Global (NASDAQ:COIN) Price Target Raised to $178.00

Coinbase Global (NASDAQ:COIN) had its target price hoisted by research analysts at Mizuho from $160.00 to $178.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “underperform” rating on the cryptocurrency exchange’s stock. Mizuho’s price target points to a potential downside of 9.12% from the company’s current price.

A number of other equities analysts have also commented on COIN. Compass Point dropped their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research report on Tuesday. Barclays increased their price objective on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. The Goldman Sachs Group dropped their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Finally, Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $244.67.

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Coinbase Global Stock Performance

Coinbase Global stock traded down $15.88 during trading hours on Thursday, reaching $195.86. 4,720,142 shares of the company were exchanged, compared to its average volume of 10,360,085. Coinbase Global has a 12 month low of $73.56 and a 12 month high of $283.48. The firm has a market cap of $48.67 billion, a price-to-earnings ratio of 35.45 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average of $181.94 and a 200 day moving average of $209.22.

Coinbase Global (NASDAQ:COINGet Free Report) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.42) earnings per share. As a group, research analysts anticipate that Coinbase Global will post 3.92 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Friday, August 30th. The shares were sold at an average price of $188.94, for a total value of $283,410.00. Following the completion of the transaction, the chief operating officer now owns 197,101 shares of the company’s stock, valued at approximately $37,240,262.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,687 shares of company stock worth $14,908,594. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its position in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Coinbase Global in the 2nd quarter valued at $2,908,000. Intech Investment Management LLC increased its stake in shares of Coinbase Global by 454.3% in the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after buying an additional 33,240 shares during the period. QRG Capital Management Inc. raised its position in shares of Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after acquiring an additional 5,493 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Coinbase Global by 122.2% during the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after acquiring an additional 4,127 shares during the period. Institutional investors own 68.84% of the company’s stock.

About Coinbase Global

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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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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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