COIN Stock: What's the Forecast for Coinbase Global, Inc. (NASDAQ:COIN)

COIN shares rose 3% during mid-day trading on Thursday. The company traded as high as $223.36 and last traded at $220.92.

Coinbase Global (NASDAQ:COIN) shares rose Thursday morning after several analysts increased their price targets on the cryptocurrency exchange following its latest earnings report.

Coinbase Global (NASDAQ:COIN) shares rose 3% during mid-day trading on Thursday . The company traded as high as $223.36 and last traded at $220.92. Approximately 1,919,246 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 11,862,708 shares. The stock had previously closed at $214.58.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on Coinbase Global from $95.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, March 15th. Oppenheimer upped their price target on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an "outperform" rating in a research note on Friday, May 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Wednesday, June 5th. Sanford C. Bernstein upped their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a "market perform" rating in a research note on Thursday, April 18th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $315.00 price target on shares of Coinbase Global in a research note on Tuesday, June 18th.

Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of "Hold" and a consensus target price of $215.50.

Coinbase Global Trading Up 4.4 %

The stock has a market cap of $55.01 billion, a P/E ratio of 44.10 and a beta of 3.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The business's 50 day simple moving average is $227.36 and its 200 day simple moving average is $200.66.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 net margin of 33.98% and a return on equity of 9.42%. On average, analysts expect that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Get Our Latest Research Report on Coinbase Global

Coinbase Global is a leading cryptocurrency exchange that provides a platform for users to buy, sell, and trade cryptocurrencies. The company was founded in 2012 and is headquartered in San Francisco, California. Coinbase Global's stock is listed on the NASDAQ and trades under the ticker symbol "COIN."

Coinbase Global's latest earnings report was for the first quarter of 2023, and the company beat analysts' expectations on both earnings and revenue. Coinbase Global reported net income of $311.4 million, or $1.65 per share, for the quarter, compared to analysts' consensus estimate of $1.04 per share. Revenue for the quarter was $1.64 billion, compared to analysts' expectations of $1.26 billion.

Following the release of Coinbase Global's latest earnings report, several analysts increased their price targets on the stock. JPMorgan Chase & Co. increased their target price on Coinbase Global from $95.00 to $150.00, Oppenheimer upped their price target on shares of Coinbase Global from $276.00 to $282.00, Needham & Company LLC issued a $260.00 price target on shares of Coinbase Global, Sanford C. Bernstein upped their price target on shares of Coinbase Global from $80.00 to $200.0