Coinbase Global (NASDAQ:COIN) Given New $325.00 Price Target at Citizens Jmp

Coinbase Global (NASDAQ:COIN) had its price target decreased by Citizens Jmp from $355.00 to $325.00 in a research report report published on Thursday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the cryptocurrency exchange’s stock.

COIN has been the topic of several other reports. Citigroup restated a “market outperform” rating on shares of Coinbase Global in a research report on Thursday. Wedbush set a $224.00 target price on Coinbase Global in a research report on Friday, May 8th. Robert W. Baird decreased their target price on Coinbase Global from $160.00 to $142.00 and set a “neutral” rating on the stock in a research note on Friday, June 5th. Bank of America lowered their price target on Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Finally, Wolfe Research set a $325.00 price target on Coinbase Global in a research note on Thursday. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $251.79.

Coinbase Global Stock Performance

COIN opened at $158.44 on Thursday. The company has a 50 day simple moving average of $174.34 and a two-hundred day simple moving average of $190.11. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The firm has a market cap of $41.74 billion, a P/E ratio of 59.56, a PEG ratio of 5.63 and a beta of 3.35. Coinbase Global has a 1-year low of $139.18 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The firm’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. Equities analysts forecast that Coinbase Global will post 1.74 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, insider Lawrence J. Brock sold 6,616 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the sale, the insider directly owned 517 shares of the company’s stock, valued at $97,718.17. This trade represents a 92.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of Coinbase Global stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This trade represents a 2.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,647 shares of company stock valued at $7,331,841 over the last ninety days. 16.66% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Institutional investors have recently bought and sold shares of the stock. North Dakota State Investment Board bought a new stake in shares of Coinbase Global in the 4th quarter worth about $1,626,000. Mizuho Markets Cayman LP bought a new position in Coinbase Global during the 4th quarter valued at about $33,921,000. Harvest Portfolios Group Inc. grew its holdings in Coinbase Global by 21.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after purchasing an additional 67,082 shares during the last quarter. Axxcess Wealth Management LLC raised its position in Coinbase Global by 303.6% in the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock worth $4,594,000 after purchasing an additional 15,282 shares during the period. Finally, Legal & General Group Plc raised its position in Coinbase Global by 1.4% in the 4th quarter. Legal & General Group Plc now owns 1,210,082 shares of the cryptocurrency exchange’s stock worth $273,648,000 after purchasing an additional 16,298 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Trending Headlines about Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase received another constructive analyst action, with Citizens JMP cutting its price target but still maintaining an “outperform” rating, suggesting Wall Street still sees meaningful upside potential. Citizens JMP price target update
• Positive Sentiment: The company continues to expand its product and regulatory footprint, including UK authorization to offer stocks and derivatives and the addition of new trading features such as margin support for Filecoin and restored prediction markets trading after a technical issue. UK authorization article Prediction markets restoration article
• Neutral Sentiment: Coinbase announced a leadership transition in its legal team: Chief Legal Officer Paul Grewal will step down after six years and move into an advisory role, with Molly Abraham set to become general counsel. This looks orderly, but it adds some uncertainty around a key regulatory leader. Reuters article on Grewal departure
• Negative Sentiment: Barclays lowered its price target on Coinbase and kept an “underweight” rating, reinforcing bearish sentiment from some analysts. Barclays price target update
• Negative Sentiment: Broader crypto markets fell after geopolitical tensions rattled risk assets, which can weigh on Coinbase because trading activity and investor sentiment often move with crypto prices. Crypto market slide article

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.