JMP Securities Reiterates “Market Outperform” Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “market outperform” rating restated by research analysts at JMP Securities in a note issued to investors on Friday, Benzinga reports. They currently have a $320.00 target price on the cryptocurrency exchange’s stock. JMP Securities’ target price points to a potential upside of 56.89% from the stock’s current price.

A number of other analysts have also issued reports on COIN. Wedbush raised their target price on shares of Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. The Goldman Sachs Group reduced their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Barclays lifted their price target on Coinbase Global from $196.00 to $206.00 and gave the company an “underweight” rating in a report on Friday. Finally, Mizuho boosted their target price on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $245.27.

Coinbase Global Price Performance

COIN traded down $8.68 during midday trading on Friday, reaching $203.96. 7,348,563 shares of the company’s stock were exchanged, compared to its average volume of 11,238,932. Coinbase Global has a 1-year low of $69.63 and a 1-year high of $283.48. The stock has a market capitalization of $50.09 billion, a PE ratio of 40.78 and a beta of 3.40. The business’s 50-day moving average price is $235.19 and its 200 day moving average price is $213.68. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. As a group, equities analysts anticipate that Coinbase Global will post 4.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jennifer N. Jones sold 15,580 shares of Coinbase Global stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $239.28, for a total value of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares in the company, valued at approximately $529,287.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Jennifer N. Jones sold 15,580 shares of Coinbase Global stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $239.28, for a total value 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 approximately $529,287.36. The disclosure for this sale can be found here. Insiders sold a total of 257,101 shares of company stock valued at $55,742,178 in the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Salem Investment Counselors Inc. grew its position in Coinbase Global by 162.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after buying an additional 33,240 shares in the last quarter. Paragon Capital Management Ltd raised its position in Coinbase Global by 58.6% during the first quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock valued at $61,418,000 after buying an additional 85,573 shares during the period. Edgestream Partners L.P. lifted its stake in Coinbase Global by 93.5% in the 1st quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock worth $3,922,000 after acquiring an additional 7,148 shares in the last quarter. Finally, Raymond James & Associates boosted its position 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. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.