Coinbase Global (NASDAQ:COIN) Given New $421.00 Price Target at Benchmark

Coinbase Global (NASDAQ:COIN) had its price target lifted by Benchmark from $301.00 to $421.00 in a report issued on Monday,Benzinga reports. Benchmark currently has a buy rating on the cryptocurrency exchange’s stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group reiterated 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. JPMorgan Chase & Co. cut their price objective on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. William Blair started coverage on Coinbase Global in a research report on Wednesday, June 11th. They set an “outperform” rating on the stock. Finally, Piper Sandler boosted their target price on Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $286.42.

Coinbase Global Price Performance

COIN opened at $355.37 on Monday. 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 firm has a market cap of $90.22 billion, a P/E ratio of 66.55, a PEG ratio of 25.22 and a beta of 3.61. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $369.28. The firm has a 50-day moving average of $242.10 and a 200 day moving average of $241.14.

Coinbase Global (NASDAQ:COIN) last issued 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 firm had revenue of $2.03 billion during 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%. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.53 earnings per share. On average, research analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $88,646.78. The trade was a 96.61% decrease in their position. The transaction 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 company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the transaction, the chief financial officer now owns 107,291 shares of the company’s stock, valued at approximately $21,458,200. This represents a 6.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 212,915 shares of company stock valued at $48,349,215 over the last 90 days. 17.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Large investors have recently made changes to their positions in the business. Principal Securities Inc. boosted its position in shares of Coinbase Global by 35.3% during the fourth quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange’s stock valued at $256,000 after buying an additional 269 shares during the period. Truist Financial Corp increased its position in shares of Coinbase Global by 18.8% during the fourth quarter. Truist Financial Corp now owns 6,577 shares of the cryptocurrency exchange’s stock worth $1,633,000 after acquiring an additional 1,040 shares during the period. Sigma Planning Corp grew its stake in Coinbase Global by 162.6% in the fourth quarter. Sigma Planning Corp now owns 3,508 shares of the cryptocurrency exchange’s stock worth $871,000 after purchasing an additional 2,172 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Coinbase Global by 19.2% in the 4th quarter. First Horizon Advisors Inc. now owns 621 shares of the cryptocurrency exchange’s stock worth $154,000 after buying an additional 100 shares during the period. Finally, Howard Capital Management Inc. raised its holdings in shares of Coinbase Global by 5.1% in the fourth quarter. Howard Capital Management Inc. now owns 1,371 shares of the cryptocurrency exchange’s stock valued at $340,000 after acquiring an additional 67 shares in the last quarter. 68.84% of the stock is currently owned by 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.