JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

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

Other research analysts have also issued research reports about the stock. Citigroup upped their price target on shares of Coinbase Global from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, October 13th. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a research report on Thursday, July 9th. Zacks Research upgraded shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. Robert W. Baird boosted their price target on Coinbase Global from $130.00 to $205.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. Finally, Oppenheimer lowered their target price on Coinbase Global from $209.00 to $193.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $222.16.

Coinbase Global Stock Down 1.6%

COIN stock traded down $2.66 during trading on Monday, reaching $161.79. 2,482,586 shares of the company traded hands, compared to its average volume of 10,032,452. The business has a 50 day simple moving average of $180.28 and a 200 day simple moving average of $175.11. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $373.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.42 and a current ratio of 2.42. The company has a market capitalization of $42.69 billion, a price-to-earnings ratio of -42.21 and a beta of 3.41.

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

Insider Activity

In other news, Director Marc Andreessen sold 6,838 shares of Coinbase Global stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $198.00, for a total transaction of $1,353,924.00. Following the completion of the sale, the director directly owned 1,108,972 shares of the company’s stock, valued at approximately $219,576,456. The trade was a 0.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $178.93, for a total transaction of $1,789,300.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 127,188 shares of company stock valued at $23,029,558 over the last quarter. Company insiders own 16.66% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Apollon Wealth Management LLC raised its position in Coinbase Global by 62.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 3,052 shares of the cryptocurrency exchange’s stock worth $569,000 after buying an additional 1,178 shares during the last quarter. Aries Wealth Management purchased a new stake in shares of Coinbase Global in the third quarter valued at about $212,000. Signaturefd LLC boosted its holdings in shares of Coinbase Global by 6.3% in the third quarter. Signaturefd LLC now owns 35,460 shares of the cryptocurrency exchange’s stock valued at $6,610,000 after acquiring an additional 2,117 shares in the last quarter. Citizens Financial Group Inc. RI boosted its holdings in shares of Coinbase Global by 3.0% in the third quarter. Citizens Financial Group Inc. RI now owns 3,240 shares of the cryptocurrency exchange’s stock valued at $604,000 after acquiring an additional 94 shares in the last quarter. Finally, Simplicity Wealth LLC increased its stake in shares of Coinbase Global by 117.2% during the third quarter. Simplicity Wealth LLC now owns 6,108 shares of the cryptocurrency exchange’s stock worth $1,139,000 after acquiring an additional 3,296 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.