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

Coinbase Global (NASDAQ:COIN) had its price target increased by JMP Securities from $400.00 to $440.00 in a report issued on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the cryptocurrency exchange’s stock. JMP Securities’ target price would suggest a potential upside of 13.40% from the stock’s current price.

Several other equities analysts have also commented on COIN. China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a “buy” rating and a $353.30 price target on the stock. Oppenheimer reiterated an “outperform” rating and issued a $395.00 target price (up previously from $293.00) on shares of Coinbase Global in a research note on Thursday, June 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 target price on shares of Coinbase Global in a research note on Monday, June 16th. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, May 9th. Finally, Piper Sandler lifted their target price on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $305.71.

Coinbase Global Price Performance

NASDAQ COIN opened at $388.02 on Monday. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $400.88. The firm has a market capitalization of $98.51 billion, a P/E ratio of 72.66, a PEG ratio of 29.98 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average price of $289.76 and a 200-day moving average price of $248.00.

Coinbase Global (NASDAQ:COIN) last released 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). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the prior year, the company posted $2.53 earnings per share. The company’s revenue was up 24.2% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 864,109 shares of company stock valued at $295,681,757 over the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds have recently modified their holdings of the business. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global in the fourth quarter worth $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the fourth quarter worth $26,000. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global in the first quarter worth $30,000. Finally, S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global in the first quarter worth $31,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.