Monness Crespi & Hardt Boosts Coinbase Global (NASDAQ:COIN) Price Target to $390.00

Coinbase Global (NASDAQ:COIN) had its price target increased by analysts at Monness Crespi & Hardt from $245.00 to $390.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a "buy" rating on the cryptocurrency exchange's stock. Monness Crespi & Hardt's price target would indicate a potential upside of 42.38% from the company's previous close.

COIN has been the subject of a number of other reports. Piper Sandler restated a "neutral" rating and issued a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. HC Wainwright restated a "buy" rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. The Goldman Sachs Group lifted their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a "neutral" rating in a research note on Monday, December 2nd. Needham & Company LLC increased their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Finally, JMP Securities reissued a "market outperform" rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $284.28.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded down $5.94 during midday trading on Thursday, reaching $273.92. 11,667,889 shares of the stock traded hands, compared to its average volume of 11,252,229. The company's 50 day moving average is $267.14 and its 200 day moving average is $226.79. Coinbase Global has a one year low of $114.51 and a one 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. The stock has a market capitalization of $68.58 billion, a PE ratio of 46.74 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same period in the previous year, the company earned ($0.01) EPS. Coinbase Global's revenue for the quarter was up 78.8% compared to the same quarter last year. On average, equities research analysts anticipate that Coinbase Global will post 4.44 earnings per share for the current year.

Insider Activity

In other news, insider Lawrence J. Brock sold 4,635 shares of Coinbase Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the transaction, the insider now owns 18,525 shares of the company's stock, valued at $4,631,250. The trade was a 20.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares of the company's stock, valued at approximately $12,750,015.60. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,720 shares of company stock worth $79,787,248. Corporate insiders own 23.43% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of COIN. Crewe Advisors LLC grew its stake in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange's stock worth $27,000 after acquiring an additional 104 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in Coinbase Global during the 3rd quarter worth approximately $25,000. Spirit of America Management Corp NY purchased a new stake in Coinbase Global during the 2nd quarter worth approximately $33,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global in the third quarter worth $32,000. Finally, Abich Financial Wealth Management LLC lifted its stake in shares of Coinbase Global by 548.5% during the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange's stock worth $48,000 after buying an additional 181 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.