Coinbase Global (NASDAQ:COIN) Given New $334.00 Price Target at Oppenheimer

Coinbase Global (NASDAQ:COIN) had its target price lowered by Oppenheimer from $358.00 to $334.00 in a research note issued to investors on Friday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the cryptocurrency exchange’s stock.

Other equities analysts have also issued reports about the stock. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. Barclays upped their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. HC Wainwright reissued a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Stock Performance

NASDAQ COIN opened at $295.48 on Friday. The company has a fifty day moving average of $291.21 and a two-hundred day moving average of $231.24. The company has a market capitalization of $73.97 billion, a PE ratio of 50.42 and a beta of 3.59. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share. As a group, analysts expect that Coinbase Global will post 4.69 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $300.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief financial officer now owns 124,470 shares in the company, valued at $37,341,000. This trade represents a 13.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 347,033 shares of company stock valued at $102,613,277. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. Envestnet Asset Management Inc. increased its position in shares of Coinbase Global by 14.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock valued at $9,966,000 after buying an additional 5,767 shares in the last quarter. Wealth Alliance purchased a new stake in shares of Coinbase Global in the 2nd quarter worth about $230,000. Mercer Global Advisors Inc. ADV grew its stake in Coinbase Global by 26.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock valued at $2,697,000 after acquiring an additional 2,565 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Coinbase Global by 6.6% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock valued at $571,000 after buying an additional 160 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Coinbase Global by 32.0% in the 2nd quarter. Amalgamated Bank now owns 12,935 shares of the cryptocurrency exchange’s stock valued at $2,875,000 after buying an additional 3,133 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.