HC Wainwright Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its price objective lifted by HC Wainwright from $255.00 to $330.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. HC Wainwright’s price target would indicate a potential upside of 23.64% from the stock’s previous close.

A number of other research analysts have also commented on COIN. Monness Crespi & Hardt upped their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Piper Sandler increased their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods dropped their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research note on Monday, January 13th. B. Riley assumed coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Finally, The Goldman Sachs Group dropped their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.00.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $266.90 on Wednesday. The business has a fifty day simple moving average of $283.93 and a 200 day simple moving average of $237.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $66.82 billion, a price-to-earnings ratio of 45.55 and a beta of 3.61. Coinbase Global has a one year low of $137.13 and a one year high of $349.75.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 15,228 shares of Coinbase Global stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $280.51, for a total value of $4,271,606.28. Following the transaction, the director now owns 10,417 shares in the company, valued at $2,922,072.67. This trade represents a 59.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 361,798 shares of company stock worth $107,826,444. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global in the 3rd quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. acquired a new stake in Coinbase Global in the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new stake in Coinbase Global in the 4th quarter valued at approximately $27,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global in the 3rd quarter valued at approximately $32,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.