Oppenheimer Increases Coinbase Global (NASDAQ:COIN) Price Target to $417.00

Coinbase Global (NASDAQ:COIN) had its target price raised by equities research analysts at Oppenheimer from $395.00 to $417.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price points to a potential upside of 7.47% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Citigroup restated a “buy” rating on shares of Coinbase Global in a research report on Wednesday, June 25th. China Renaissance initiated coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a “buy” rating and a $353.30 target price on the stock. Jefferies Financial Group restated a “hold” rating and set a $260.00 price target (up from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. HC Wainwright reissued a “sell” rating and issued a $300.00 target price (down from $305.00) on shares of Coinbase Global in a research note on Thursday, July 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $400.00 target price on shares of Coinbase Global in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $305.71.

Coinbase Global Stock Performance

Shares of COIN stock opened at $388.02 on Monday. The stock’s fifty day simple moving average is $289.76 and its 200-day simple moving average is $248.00. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $400.88. The company has a market capitalization of $98.51 billion, a price-to-earnings ratio of 72.66, a P/E/G ratio of 29.98 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results 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 business 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 20.25% and a net margin of 21.14%. The firm’s revenue was up 24.2% on a year-over-year basis. During the same quarter last year, the company earned $2.53 earnings per share. On average, sell-side analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred 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 directly owned 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global 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 directly owned 526 shares of the company’s stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 864,109 shares of company stock worth $295,681,757. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently bought and sold shares of the stock. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the fourth quarter worth approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the fourth quarter worth about $26,000. Bessemer Group Inc. raised its position in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global in the 1st quarter valued at about $30,000. Finally, S Bank Fund Management Ltd acquired a new stake in Coinbase Global in the 1st quarter valued at about $31,000. 68.84% of the stock is owned by institutional investors.

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.