Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Sanford C. Bernstein Analyst Says

Coinbase Global (NASDAQ:COIN) had its price objective upped by investment analysts at Sanford C. Bernstein from $310.00 to $510.00 in a note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has an “outperform” rating on the cryptocurrency exchange’s stock. Sanford C. Bernstein’s target price suggests a potential upside of 35.97% from the company’s previous close.

Several other research firms have also recently issued reports on COIN. JMP Securities restated a “market outperform” rating and set a $400.00 target price on shares of Coinbase Global in a research note on Thursday, May 8th. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research note on Friday, May 9th. Oppenheimer set a $293.00 price objective on shares of Coinbase Global in a research note on Thursday, May 15th. Needham & Company LLC lowered their price objective on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, Compass Point upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price objective on the stock in a research note on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.06.

Coinbase Global Price Performance

COIN opened at $375.07 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The stock has a market capitalization of $95.22 billion, a P/E ratio of 70.24, a P/E/G ratio of 25.99 and a beta of 3.61. The company’s 50-day simple moving average is $246.10 and its two-hundred day simple moving average is $241.58. Coinbase Global has a 52-week low of $142.58 and a 52-week high of $382.00.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 21.14% and a return on equity of 20.25%. Coinbase Global’s revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.53 EPS. As a group, analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 15,517 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $260.98, for a total transaction of $4,049,626.66. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $2,718,628.66. This trade represents a 59.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 1,952 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $280.02, for a total transaction of $546,599.04. Following the sale, the insider now directly owns 82,328 shares of the company’s stock, valued at approximately $23,053,486.56. This trade represents a 2.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,915 shares of company stock worth $48,349,215. Company insiders own 17.65% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its holdings in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after buying an additional 40 shares in the last quarter. IPG Investment Advisors LLC grew its holdings in shares of Coinbase Global by 2.0% in the fourth quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock valued at $561,000 after purchasing an additional 45 shares in the last quarter. Vivaldi Capital Management LP grew its holdings in shares of Coinbase Global by 0.3% in the fourth quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange’s stock valued at $3,437,000 after purchasing an additional 47 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Coinbase Global by 7.1% in the first quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange’s stock valued at $124,000 after purchasing an additional 48 shares in the last quarter. Finally, Rede Wealth LLC grew its holdings in shares of Coinbase Global by 0.6% in the first quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange’s stock valued at $1,382,000 after purchasing an additional 50 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.