Barclays Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective upped by investment analysts at Barclays from $169.00 to $202.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the cryptocurrency exchange’s stock. Barclays‘s price target suggests a potential downside of 21.37% from the company’s previous close.

Other analysts have also issued reports about the company. JMP Securities reissued a “market outperform” rating and set a $400.00 price objective on shares of Coinbase Global in a report on Thursday, May 8th. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. Cantor Fitzgerald initiated coverage on Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Finally, Monness Crespi & Hardt lowered Coinbase Global from a “buy” rating to a “neutral” rating in a report on Tuesday, May 6th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $262.75.

Coinbase Global Stock Up 24.0%

COIN stock opened at $256.90 on Monday. The stock’s 50 day simple moving average is $187.93 and its 200 day simple moving average is $243.41. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market cap of $65.22 billion, a P/E ratio of 27.04 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.53 earnings per share. On average, research analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 10,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $104,226.90. This represents a 95.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the transaction, the chief financial officer now directly owns 114,866 shares of the company’s stock, valued at approximately $22,973,200. This trade represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,742 shares of company stock valued at $25,758,259. Company insiders own 17.65% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 4.8% during the first 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 lifted its position in shares of Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after acquiring an additional 127,075 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of 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 acquiring an additional 34,462 shares in the last quarter. Norges Bank purchased a new stake in shares of Coinbase Global during the fourth quarter worth $536,484,000. Finally, Groupama Asset Managment purchased a new stake in shares of Coinbase Global during the fourth quarter worth $372,450,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

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.