Coinbase Global, Inc. (NASDAQ:COIN) has received a consensus recommendation of “Buy” from the twenty-two analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $290.89.
A number of brokerages have recently issued reports on COIN. JMP Securities reduced their price objective on Coinbase Global from $405.00 to $394.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 7th. The Goldman Sachs Group cut their target price on Coinbase Global from $250.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, April 8th. Bank of America raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $340.00 target price on the stock in a research note on Thursday, January 6th. Canaccord Genuity Group cut their target price on Coinbase Global from $342.00 to $275.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Finally, Oppenheimer cut their target price on Coinbase Global from $377.00 to $314.00 and set an “outperform” rating on the stock in a research note on Monday, April 18th.
Shares of NASDAQ:COIN traded up $3.85 on Tuesday, reaching $125.19. 134,686 shares of the company traded hands, compared to its average volume of 4,188,576. The business’s 50-day simple moving average is $165.85 and its 200 day simple moving average is $228.32. Coinbase Global has a 52 week low of $111.80 and a 52 week high of $368.90. The stock has a market capitalization of $27.48 billion and a P/E ratio of 8.76. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.53.
Coinbase Global (NASDAQ:COIN – Get Rating) last announced its quarterly earnings data on Thursday, February 24th. The cryptocurrency exchange reported $3.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.95 by $1.37. Coinbase Global had a return on equity of 77.65% and a net margin of 46.23%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Coinbase Global’s revenue for the quarter was up 325.6% compared to the same quarter last year. Sell-side analysts expect that Coinbase Global will post 1.53 EPS for the current fiscal year.
In other news, insider Paul Grewal sold 1,207 shares of Coinbase Global stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $173.87, for a total transaction of $209,861.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. Morgan Stanley purchased a new position in Coinbase Global in the 2nd quarter worth approximately $172,984,000. Center for Financial Planning Inc. raised its holdings in Coinbase Global by 182.2% in the 3rd quarter. Center for Financial Planning Inc. now owns 127 shares of the cryptocurrency exchange’s stock worth $29,000 after acquiring an additional 82 shares during the last quarter. Lincoln National Corp raised its holdings in Coinbase Global by 73.8% in the 3rd quarter. Lincoln National Corp now owns 3,010 shares of the cryptocurrency exchange’s stock worth $684,000 after acquiring an additional 1,278 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Coinbase Global by 31.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 7,878 shares of the cryptocurrency exchange’s stock worth $1,791,000 after acquiring an additional 1,893 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in Coinbase Global by 14.7% in the 3rd quarter. Truist Financial Corp now owns 8,635 shares of the cryptocurrency exchange’s stock worth $1,964,000 after acquiring an additional 1,109 shares during the last quarter. Institutional investors own 39.01% of the company’s stock.
Coinbase Global Company Profile (Get Rating)
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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