Wedbush cuts Coinbase Global (NASDAQ:COIN) price target to $160.00
Coinbase Global (NASDAQ:COIN) saw its price target lowered by Wedbush analysts from $380.00 to $160.00 in a report on Wednesday, reports The Fly. Wedbush’s price target indicates upside potential of 25.84% from the company’s previous close.
Other analysts have also recently published research reports on the stock. Zacks Investment Research upgraded Coinbase Global shares from a “sell” rating to a “hold” rating in a research report on Tuesday. Canaccord Genuity Group lowered its price target on Coinbase Global shares from $342.00 to $275.00 and set a “buy” rating for the company in a Friday, Feb. 25 report. JPMorgan Chase & Co. cut its price target on Coinbase Global shares from $345.00 to $296.00 and set an “overweight” rating for the company in a Wednesday, Feb. 23 report. Bank of America upgraded Coinbase Global shares from a “neutral” rating to a “buy” rating and set a price target of $340.00 for the company in a Thursday, Jan. 6, report. Finally, JMP Securities cut its price target on Coinbase Global shares from $405.00 to $394.00 and set a “market outperformance” rating on the stock in a Thursday, April 7 research note. . One research analyst rated the stock with a sell rating, five gave the company a hold rating and sixteen gave the company’s stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $290.37.
NASDAQ COIN opened at $127.15 on Wednesday. Coinbase Global has a 1-year low of $126.51 and a 1-year high of $368.90. The company’s 50-day moving average price is $171.20 and its 200-day moving average price is $232.42. The company has a debt ratio of 0.53, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market cap of $27.91 billion and a price-to-earnings ratio of 8.82.
Coinbase Global (NASDAQ:COIN – Get Rating) last released its quarterly earnings data on Thursday, February 24. The cryptocurrency exchange reported earnings per share (EPS) of $3.32 for the quarter, beating consensus analyst estimates of $1.94 from $1.38. The company posted revenue of $2.49 billion for the quarter, versus analyst estimates of $1.99 billion. Coinbase Global had a net margin of 46.23% and a return on equity of 77.65%. The company’s quarterly revenue increased by 325.6% compared to the same quarter last year. Sell-side analysts expect Coinbase Global to post EPS of 3.34 for the current fiscal year.
Separately, insider Paul Grewal sold 1,207 shares of the company in a trade that took place on Friday, February 25. The stock was sold at an average price of $173.87, for a total value of $209,861.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC’s website.
Several hedge funds have recently changed their holdings in the company. Nikko Asset Management Americas Inc. increased its holdings of Coinbase Global shares by 38.9% during the third quarter. Nikko Asset Management Americas Inc. now owns 4,758,975 shares of the cryptocurrency exchange worth $1,125,294,000 after buying an additional 1,333,733 shares in the last quarter. Morgan Stanley increased its holdings of Coinbase Global shares by 173.6% during the third quarter. Morgan Stanley now owns 1,868,164 shares of the cryptocurrency exchange worth $424,970,000 after buying an additional 1,185,238 shares in the last quarter. IDG Technology Venture Investment IV LLC acquired a new position in shares of Coinbase Global during the fourth quarter at a value of approximately $431,538,000. BlackRock Inc. increased its stake in shares of Coinbase Global by 261.9% in the fourth quarter. BlackRock Inc. now owns 1,563,152 shares of the cryptocurrency exchange valued at $394,494,000 after buying an additional 1,131,275 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Coinbase Global in the fourth quarter worth $337,747,000. Institutional investors hold 26.28% of the company’s shares.
Coinbase Global Company Profile (Get an evaluation)
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and around the world. The company offers the cryptoeconomy’s leading financial account for retailers; a marketplace with a pool of liquidity to transact crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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