Investment analysts at Rothschild & Co Redburn have revised their price target for Coinbase Global (NASDAQ: COIN) from $417.00 to $404.00. This adjustment was outlined in a research note sent to investors on November 3, 2023. The brokerage maintains a “buy” rating on the cryptocurrency exchange’s stock, which indicates a potential upside of 45.53% from its current trading price.
Other brokerages have also recently evaluated Coinbase’s stock. B. Riley has increased its price target from $185.00 to $243.00, assigning a “neutral” rating in a note issued on November 3, 2023. Meanwhile, Keefe, Bruyette & Woods lowered their target from $355.00 to $335.00, assigning a “market perform” rating. Argus reiterated a “hold” rating on Coinbase shares, while China Renaissance raised its price target from $444.60 to $479.30 on the same day B. Riley made its updates. Needham & Company LLC also reaffirmed a “buy” rating, setting a target of $400.00.
Analysts currently present a mixed perspective on the stock. One equity research analyst rates it a “Strong Buy,” while seventeen hold a “Buy” rating, eleven assign a “Hold,” and one analyst recommends a “Sell.” According to data from MarketBeat, Coinbase has a consensus rating of “Moderate Buy” with a consensus price target of $397.63.
Recent Earnings and Insider Activity
Coinbase Global recently released its quarterly earnings data on October 30, 2023, reporting earnings of $1.44 per share (EPS). This figure surpassed analysts’ consensus estimate of $1.04 by $0.40. The cryptocurrency exchange achieved a net margin of 41.99% and a return on equity of 15.70%. Revenue for the quarter reached $1.87 billion, exceeding expectations of $1.77 billion. This represents a significant increase of 55.1% year-over-year, compared to earnings of $0.28 per share during the same period last year.
In other corporate developments, insider Paul Grewal sold 11,955 shares on November 25, 2023, at an average price of $246.18, totaling $2,943,081.90. After this transaction, Grewal retains 75,811 shares valued at approximately $18,663,151.98, indicating a decrease of 13.62% in his holdings. Additionally, Director Frederick Ernest Ehrsam III sold 2,750 shares on November 20, 2023, for a total of $715,907.50. In the past ninety days, insiders have sold a total of 762,995 shares worth $235,840,503, with corporate insiders holding 17.65% of the stock.
Institutional Investor Activity
Recent trading activity among institutional investors and hedge funds has also impacted Coinbase’s stock. REAP Financial Group LLC acquired a new stake valued at approximately $25,000 in the third quarter. Evelyn Partners Investment Management Europe Ltd significantly increased its position by 92.3% in the second quarter, now owning 75 shares worth $29,000 after acquiring an additional 36 shares.
Palisade Asset Management LLC, McClarren Financial Advisors Inc., and Cullen Frost Bankers Inc. also made new investments in Coinbase stock during the second and third quarters, each valued at around $30,000. Overall, institutional investors currently own 68.84% of Coinbase’s shares.
Coinbase Global, Inc. operates as a provider of financial infrastructure and technology for the cryptocurrency economy both in the United States and internationally. The company serves as a primary financial account for consumers and offers a marketplace with liquidity for institutional transactions in crypto assets.
