Coinbase Global (NASDAQ:COIN) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Coinbase Global (NASDAQ:COIN) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $148.00 to $189.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the cryptocurrency exchange’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 16.82% from the stock’s current price.

Other analysts have also issued research reports about the stock. Mizuho set a $155.00 target price on shares of Coinbase Global in a research note on Friday, July 31st. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $330.00 price objective on shares of Coinbase Global in a report on Friday, July 31st. Barclays increased their price objective on Coinbase Global from $95.00 to $149.00 and gave the stock an “underweight” rating in a report on Wednesday, October 7th. Argus reiterated a “hold” rating on shares of Coinbase Global in a research report on Wednesday, August 26th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Coinbase Global in a research report on Tuesday, July 28th. Twenty research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average price target of $222.16.

Coinbase Global Stock Down 1.6%

NASDAQ:COIN traded down $2.66 during trading hours on Monday, reaching $161.79. The company had a trading volume of 2,482,586 shares, compared to its average volume of 10,032,452. Coinbase Global has a twelve month low of $139.11 and a twelve month high of $373.25. The firm has a market cap of $42.69 billion, a price-to-earnings ratio of -42.21 and a beta of 3.41. The business’s 50-day simple moving average is $180.28 and its two-hundred day simple moving average is $175.11. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.45.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the business posted $5.14 earnings per share. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. On average, equities analysts expect that Coinbase Global will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Frederick R. Wilson sold 35,068 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $144.32, for a total transaction of $5,061,013.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 39,030 shares of Coinbase Global stock in a transaction on Monday, September 21st. The stock was sold at an average price of $205.24, for a total transaction of $8,010,517.20. Following the transaction, the chief financial officer directly owned 345,376 shares of the company’s stock, valued at $70,884,970.24. The trade was a 10.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 127,188 shares of company stock valued at $23,029,558. 16.66% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of COIN. NBT Bank N.A. bought a new position in shares of Coinbase Global during the 3rd quarter worth $28,000. Glen Eagle Advisors LLC raised its holdings in shares of Coinbase Global by 101.1% in the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock valued at $31,000 after acquiring an additional 88 shares in the last quarter. Archer Investment Corp raised its holdings in shares of Coinbase Global by 546.4% in the first quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock valued at $32,000 after acquiring an additional 153 shares in the last quarter. Root Financial Partners LLC purchased a new stake in Coinbase Global in the third quarter worth about $37,000. Finally, Kings Path Partners LLC purchased a new stake in Coinbase Global in the third quarter worth about $37,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc operates a digital-asset financial infrastructure and technology platform. Through its Coinbase platform, the company enables individuals and institutions to buy, sell, store, transfer and use cryptocurrencies and other digital assets. Its services are designed to support both retail customers and institutional participants in the digital-asset economy.

The company offers cryptocurrency trading, custody and staking services, as well as subscription products and institutional solutions.