HC Wainwright Raises Coinbase Global (NASDAQ:COIN) Price Target to $300.00

Coinbase Global (NASDAQ:COIN) had its price target hoisted by HC Wainwright from $250.00 to $300.00 in a research report released on Monday, Benzinga reports. HC Wainwright currently has a buy rating on the cryptocurrency exchange’s stock. HC Wainwright also issued estimates for Coinbase Global’s Q1 2024 earnings at $1.19 EPS, Q2 2024 earnings at $0.71 EPS, Q3 2024 earnings at $0.91 EPS, Q4 2024 earnings at $1.19 EPS and FY2024 earnings at $3.99 EPS.

A number of other brokerages also recently commented on COIN. The Goldman Sachs Group raised shares of Coinbase Global from a sell rating to a neutral rating in a research note on Friday, March 8th. Oppenheimer increased their price target on shares of Coinbase Global from $200.00 to $276.00 and gave the company an outperform rating in a research report on Thursday, April 4th. TheStreet raised shares of Coinbase Global from a d rating to a c- rating in a research report on Friday, February 16th. JMP Securities reiterated a market outperform rating on shares of Coinbase Global in a research note on Friday, March 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Coinbase Global from $160.00 to $230.00 and gave the stock a market perform rating in a research report on Wednesday, April 3rd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of Hold and an average target price of $167.81.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $210.09 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average price is $233.11 and its 200-day moving average price is $163.99. The firm has a market cap of $50.90 billion, a P/E ratio of 778.11 and a beta of 3.41. Coinbase Global has a 12 month low of $46.43 and a 12 month high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. During the same period in the prior year, the business earned ($2.46) EPS. The firm’s quarterly revenue was up 51.6% on a year-over-year basis. On average, equities research analysts expect that Coinbase Global will post 2.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $221.47, for a total value of $2,214,700.00. Following the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $14,644,039.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $232.37, for a total value of $3,806,220.60. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $1,083,308.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total value of $2,214,700.00. Following the sale, the insider now directly owns 66,122 shares in the company, valued at $14,644,039.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 419,797 shares of company stock valued at $85,822,565. 33.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Raymond James & Associates raised its position in shares of Coinbase Global by 65.5% in the fourth quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange’s stock worth $4,203,000 after acquiring an additional 9,564 shares during the period. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $302,000. Mariner LLC raised its stake in shares of Coinbase Global by 5.4% during the 3rd quarter. Mariner LLC now owns 82,582 shares of the cryptocurrency exchange’s stock worth $6,200,000 after buying an additional 4,259 shares during the period. Itau Unibanco Holding S.A. lifted its position in shares of Coinbase Global by 10.0% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 1,374 shares of the cryptocurrency exchange’s stock valued at $103,000 after buying an additional 125 shares in the last quarter. Finally, Oak Thistle LLC acquired a new stake in Coinbase Global in the 4th quarter valued at $1,035,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.