China Renaissance Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective lifted by equities research analysts at China Renaissance from $444.60 to $479.30 in a note issued to investors on Monday,MarketScreener reports. China Renaissance’s price target indicates a potential upside of 45.06% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday. Erste Group Bank began coverage on Coinbase Global in a research report on Wednesday, July 23rd. They set a “buy” rating on the stock. Keefe, Bruyette & Woods reduced their target price on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a research report on Monday, August 4th. Cantor Fitzgerald decreased their price target on shares of Coinbase Global from $500.00 to $459.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $393.98.

Coinbase Global Trading Down 3.9%

Shares of COIN stock opened at $330.42 on Monday. The firm has a market capitalization of $84.90 billion, a P/E ratio of 28.58 and a beta of 3.67. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64. The firm’s fifty day simple moving average is $333.92 and its 200 day simple moving average is $308.52. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm earned $0.28 EPS. The business’s revenue was up 55.1% on a year-over-year basis. As a group, sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other news, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the sale, the insider owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 4,675 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares of the company’s stock, valued at approximately $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 180,657 shares of company stock worth $59,552,326. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of the stock. Cadent Capital Advisors LLC increased its holdings in shares of Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after purchasing an additional 30 shares in the last quarter. Ameriflex Group Inc. boosted its holdings in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock valued at $68,000 after acquiring an additional 30 shares during the last quarter. Capital Advisors Wealth Management LLC increased its position in Coinbase Global by 2.0% in the third quarter. Capital Advisors Wealth Management LLC now owns 1,549 shares of the cryptocurrency exchange’s stock worth $523,000 after purchasing an additional 30 shares during the period. Elevation Wealth Partners LLC raised its holdings in Coinbase Global by 37.6% during the 3rd quarter. Elevation Wealth Partners LLC now owns 117 shares of the cryptocurrency exchange’s stock worth $39,000 after purchasing an additional 32 shares during the last quarter. Finally, Pettinga Financial Advisors LLC raised its holdings in Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after purchasing an additional 34 shares during the last quarter. 68.84% of the stock is 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.