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

Coinbase Global (NASDAQ:COIN) had its price target hoisted by equities researchers at HC Wainwright from $255.00 to $330.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the cryptocurrency exchange’s stock. HC Wainwright’s price objective would indicate a potential upside of 10.70% from the company’s previous close.

COIN has been the subject of several other reports. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Oppenheimer decreased their price target on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Piper Sandler increased their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Bank of America increased their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC decreased their price objective on shares of Coinbase Global from $420.00 to $330.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus price target of $286.00.

Coinbase Global Stock Up 8.4 %

NASDAQ:COIN opened at $298.11 on Wednesday. The firm has a market cap of $74.63 billion, a PE ratio of 50.87 and a beta of 3.61. The company has a 50-day moving average of $282.36 and a 200 day moving average of $237.88. Coinbase Global has a 1-year low of $146.12 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 released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. As a group, research analysts anticipate that Coinbase Global will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were 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 owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 386,798 shares of company stock worth $114,707,944. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. SOA Wealth Advisors LLC. lifted its holdings in Coinbase Global by 17.7% in the 4th quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after purchasing an additional 40 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Coinbase Global by 4.3% in the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after purchasing an additional 40 shares in the last quarter. Empowered Funds LLC lifted its holdings in Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after purchasing an additional 44 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC lifted its holdings in Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after purchasing an additional 45 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.