Coinbase Global (NASDAQ:COIN) Given Market Outperform Rating at JMP Securities

JMP Securities reissued their market outperform rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a $320.00 price target on the cryptocurrency exchange’s stock.

A number of other equities analysts have also commented on the stock. Bank of America cut their price target on shares of Coinbase Global from $263.00 to $246.00 and set a neutral rating on the stock in a report on Friday. Barclays lifted their target price on shares of Coinbase Global from $196.00 to $206.00 and gave the stock an underweight rating in a research note on Friday. Keefe, Bruyette & Woods lifted their target price on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a market perform rating in a research note on Friday, May 3rd. Needham & Company LLC reissued a buy rating and set a $260.00 target price on shares of Coinbase Global in a research note on Friday, July 19th. Finally, The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $245.27.

Coinbase Global Stock Performance

Shares of COIN traded down $14.97 during mid-day trading on Friday, hitting $189.47. 18,691,524 shares of the company’s stock were exchanged, compared to its average volume of 11,307,071. Coinbase Global has a 52 week low of $69.63 and a 52 week high of $283.48. The stock’s 50-day simple moving average is $234.52 and its 200-day simple moving average is $215.33. The firm has a market cap of $46.53 billion, a price-to-earnings ratio of 34.46 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 14.72% and a net margin of 31.46%. The business’s revenue was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.42) EPS. On average, equities research analysts expect that Coinbase Global will post 4.95 EPS for the current year.

Insider Activity

In other news, CAO Jennifer N. Jones sold 15,580 shares of Coinbase Global stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now directly owns 2,212 shares in the company, valued at $529,287.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Grewal sold 17,444 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $239.07, for a total value of $4,170,337.08. Following the sale, the insider now owns 71,195 shares of the company’s stock, valued at $17,020,588.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jennifer N. Jones sold 15,580 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the sale, the chief accounting officer now directly owns 2,212 shares in the company, valued at approximately $529,287.36. The disclosure for this sale can be found here. Insiders sold 258,601 shares of company stock worth $56,091,678 over the last three months. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently bought and sold shares of COIN. Raymond James & Associates increased its holdings in Coinbase Global by 65.5% during the 4th 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. Leavell Investment Management Inc. bought a new position in shares of Coinbase Global in the 4th quarter worth $204,000. Arizona State Retirement System raised its position in shares of Coinbase Global by 2.4% during the 4th quarter. Arizona State Retirement System now owns 46,986 shares of the cryptocurrency exchange’s stock valued at $8,172,000 after buying an additional 1,101 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Coinbase Global by 0.6% during the 4th quarter. Asset Management One Co. Ltd. now owns 65,114 shares of the cryptocurrency exchange’s stock worth $12,135,000 after acquiring an additional 402 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Coinbase Global during the 4th quarter worth $34,422,000. Institutional investors 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.