Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Coinbase Global (NASDAQ:COIN) had its price target increased by Piper Sandler from $180.00 to $190.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the cryptocurrency exchange’s stock.

COIN has been the topic of several other research reports. Barclays reaffirmed an “equal weight” rating on shares of Coinbase Global in a research report on Thursday. JPMorgan Chase & Co. cut their target price on shares of Coinbase Global from $344.00 to $276.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Monness Crespi & Hardt cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 6th. Benchmark began coverage on shares of Coinbase Global in a research report on Wednesday, April 23rd. They set a “buy” rating and a $252.00 price objective on the stock. Finally, Bank of America reduced their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $268.65.

Coinbase Global Stock Down 3.4%

Shares of NASDAQ:COIN opened at $199.47 on Friday. The firm has a 50 day simple moving average of $187.38 and a 200-day simple moving average of $243.30. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results 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). The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global’s revenue was up 24.2% on a year-over-year basis. During the same period last year, the firm earned $2.53 earnings per share. On average, equities analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $144,786.76. This trade represents a 97.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the sale, the insider now owns 83,313 shares of the company’s stock, valued at $17,656,524.09. This trade represents a 11.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 153,742 shares of company stock worth $32,639,759 over the last three months. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Geode Capital Management LLC increased its stake in Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares in the last quarter. ARK Investment Management LLC raised its holdings in Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after purchasing an additional 34,462 shares during the last quarter. Norges Bank purchased a new stake in Coinbase Global during the fourth quarter worth $536,484,000. Finally, Groupama Asset Managment purchased a new stake in Coinbase Global during the fourth quarter worth $372,450,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.