Sanford C. Bernstein Cuts Coinbase Global (NASDAQ:COIN) Price Target to $330.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by investment analysts at Sanford C. Bernstein from $440.00 to $330.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the cryptocurrency exchange’s stock. Sanford C. Bernstein’s price objective indicates a potential upside of 104.79% from the company’s current price.

A number of other research firms also recently issued reports on COIN. Rothschild & Co Redburn lifted their price objective on shares of Coinbase Global from $277.00 to $281.00 and gave the company a “buy” rating in a report on Friday, March 20th. Needham & Company LLC reduced their target price on shares of Coinbase Global from $290.00 to $230.00 and set a “buy” rating for the company in a report on Friday, February 13th. Rosenblatt Securities lowered their price target on shares of Coinbase Global from $325.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Bank of America raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $340.00 price target on the stock in a research report on Thursday, January 8th. Finally, President Capital reduced their price objective on shares of Coinbase Global from $472.00 to $236.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $267.47.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $161.14 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market cap of $42.55 billion, a price-to-earnings ratio of 36.71, a price-to-earnings-growth ratio of 2.79 and a beta of 3.70. The stock’s 50-day moving average is $187.42 and its 200-day moving average is $256.71. Coinbase Global has a one year low of $139.36 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.17). The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.86 billion. Coinbase Global had a net margin of 17.55% and a return on equity of 8.68%. The firm’s quarterly revenue was down 21.6% compared to the same quarter last year. During the same period in the prior year, the business posted $4.68 EPS. Equities analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $248.96, for a total transaction of $9,958,400.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 364,600 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $154.95, for a total value of $56,494,770.00. Following the completion of the sale, the chief financial officer owned 402,165 shares in the company, valued at approximately $62,315,466.75. This trade represents a 47.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 438,120 shares of company stock worth $73,878,750. 16.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange’s stock worth $5,970,285,000 after purchasing an additional 184,043 shares during the period. Geode Capital Management LLC raised its position in shares of Coinbase Global by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange’s stock valued at $1,374,080,000 after buying an additional 189,080 shares in the last quarter. Paradigm Operations LP boosted its stake in shares of Coinbase Global by 3.3% in the fourth quarter. Paradigm Operations LP now owns 4,262,458 shares of the cryptocurrency exchange’s stock valued at $963,912,000 after buying an additional 134,425 shares during the period. Norges Bank bought a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $656,744,000. Finally, ARK Investment Management LLC grew its position in Coinbase Global by 6.1% during the fourth quarter. ARK Investment Management LLC now owns 2,541,928 shares of the cryptocurrency exchange’s stock worth $574,832,000 after buying an additional 146,388 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.