Wedbush Boosts Coinbase Global (NASDAQ:COIN) Price Target to $250.00

Coinbase Global (NASDAQ:COIN) had its target price lifted by Wedbush from $200.00 to $250.00 in a report issued on Friday, Benzinga reports. They currently have an outperform rating on the cryptocurrency exchange’s stock.

A number of other brokerages have also recently commented on COIN. TheStreet raised shares of Coinbase Global from a d rating to a c- rating in a report on Friday, February 16th. Barclays lifted their price objective on shares of Coinbase Global from $146.00 to $179.00 and gave the company an underweight rating in a research note on Monday, April 8th. HC Wainwright increased their target price on shares of Coinbase Global from $250.00 to $300.00 and gave the stock a buy rating in a research note on Monday, April 29th. Bank of America raised their price target on Coinbase Global from $92.00 to $110.00 and gave the stock an underperform rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group reduced their price objective on Coinbase Global from $295.00 to $255.00 and set a neutral rating for the company in a research note on Friday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $193.85.

Coinbase Global Stock Performance

Shares of COIN stock opened at $226.93 on Friday. The stock’s 50-day moving average is $236.37 and its two-hundred day moving average is $167.06. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. Coinbase Global has a 1 year low of $46.43 and a 1 year high of $283.48. The firm has a market cap of $54.98 billion, a price-to-earnings ratio of 45.30 and a beta of 3.46.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter last year, the business posted ($2.46) EPS. Analysts predict that Coinbase Global will post 2.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at approximately $558,181.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Jennifer N. Jones sold 1,624 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $168.75, for a total value of $274,050.00. Following the sale, the chief accounting officer now directly owns 29,236 shares of the company’s stock, valued at approximately $4,933,575. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 420,597 shares of company stock worth $86,053,862. 33.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of COIN. Barrett & Company Inc. acquired a new stake in Coinbase Global during the 4th quarter valued at $26,000. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global in the fourth quarter valued at $27,000. Concord Wealth Partners boosted its stake in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Finally, Mather Group LLC. acquired a new position in Coinbase Global in the 1st quarter valued at about $32,000. 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.