Market Analysts see Coinbase Global Inc. [COIN] gaining to $100. Time to buy?

Coinbase Global Inc. [NASDAQ: COIN] slipped around -3.23 points on Friday, while shares priced at $74.00 at the close of the session, down -4.18%. The company report on September 8, 2022 that Enthusiast Gaming Announces Strategic Web3 Collaboration with Coinbase.

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Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (NASDAQ:EGLX; TSX:EGLX), an integrated gaming entertainment company, today announced a collaboration with Coinbase Global Inc. (“Coinbase”) (NASDAQ:COIN), one of the world’s largest cryptocurrency platforms and a trusted leader in the Web3 space. The announcement introduces Coinbase as the preferred infrastructure provider to power Enthusiast Gaming’s portfolio of Web3-enabled games. Coinbase will provide developer tools, educational content, and community-building support to power Enthusiast Gaming’s portfolio of Web3-enabled games.

Coinbase is uniquely positioned to empower Enthusiast Gaming’s goal of creating memorable gaming experiences and capturing the next wave of Web3 users globally. The Coinbase Cloud developer platform offers solutions required by novice and experienced developers alike – such as crypto wallets, blockchain nodes, and fiat-to-crypto payment rails.

Coinbase Global Inc. stock is now -70.68% down from its year-to-date (YTD) trading value. COIN Stock saw the intraday high of $76.3699 and lowest of $73.5982 per share. The company’s 52-week high price is 368.90, which means current price is +81.24% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 14.14M shares, COIN reached a trading volume of 16954755 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Coinbase Global Inc. [COIN]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for COIN shares is $99.91 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on COIN stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Daiwa Securities have made an estimate for Coinbase Global Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 09, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Equal Weight. The new note on the price target was released on August 31, 2022, representing the official price target for Coinbase Global Inc. stock. Previously, the target price had yet another raise to $45, while Keefe Bruyette analysts kept a Underperform rating on COIN stock. On August 08, 2022, analysts decreased their price target for COIN shares from 200 to 100.

The Average True Range (ATR) for Coinbase Global Inc. is set at 6.10, with the Price to Sales ratio for COIN stock in the period of the last 12 months amounting to 3.01. The Price to Book ratio for the last quarter was 2.81, with the Price to Cash per share for the same quarter was set at 24.18.

How has COIN stock performed recently?

Coinbase Global Inc. [COIN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.50. With this latest performance, COIN shares dropped by -13.39% in over the last four-week period, additionally sinking by -58.24% over the last 6 months – not to mention a drop of -69.57% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for COIN stock in for the last two-week period is set at 50.16, with the RSI for the last a single of trading hit 49.52, and the three-weeks RSI is set at 50.25 for Coinbase Global Inc. [COIN]. The present Moving Average for the last 50 days of trading for this stock 72.11, while it was recorded at 77.55 for the last single week of trading, and 138.02 for the last 200 days.

Coinbase Global Inc. [COIN]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Coinbase Global Inc. [COIN] shares currently have an operating margin of +39.24 and a Gross Margin at +83.83. Coinbase Global Inc.’s Net Margin is presently recorded at +39.50.

Return on Equity for this stock inclined to 78.33, with Return on Assets sitting at 22.83.

Coinbase Global Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.

Insider trade positions for Coinbase Global Inc. [COIN]

There are presently around $8,011 million, or 59.70% of COIN stock, in the hands of institutional investors. The top three institutional holders of COIN stocks are: AH EQUITY PARTNERS III, L.L.C. with ownership of 10,864,390, which is approximately 0% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 10,676,070 shares of the stock with an approximate value of $790.03 million in COIN stocks shares; and ARK INVESTMENT MANAGEMENT LLC, currently with $662.39 million in COIN stock with ownership of nearly 28.191% of the company’s market capitalization.

Positions in Coinbase Global Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 377 institutional holders increased their position in Coinbase Global Inc. [NASDAQ:COIN] by around 43,692,151 shares. Additionally, 429 investors decreased positions by around 12,677,767 shares, while 115 investors held positions by with 51,886,577 shares. The mentioned changes placed institutional holdings at 108,256,495 shares, according to the latest SEC report filing. COIN stock had 146 new institutional investments in for a total of 10,061,328 shares, while 291 institutional investors sold positions of 5,849,019 shares during the same period.


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