Keefe Bruyette slashes price target on Coinbase Global Inc [COIN] – find out why.

BFRI Stock

Coinbase Global Inc [NASDAQ: COIN] gained 11.36% or 23.38 points to close at $229.15 with a heavy trading volume of 22927375 shares. The company report on February 28, 2024 at 8:05 AM that Coinbase to Participate in the Morgan Stanley Technology, Media and Telecom Conference.

Coinbase Global, Inc. announced today that Brian Armstrong, Co-Founder and CEO, and Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Morgan Stanley Technology, Media and Telecom Conference on Wednesday, March 6, 2024 at 3:35 p.m. PT / 6:35 p.m. ET.

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A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.

The daily chart for COIN points out that the company has recorded 187.88% gains over the past six months.

If we look at the average trading volume of 14.51M shares, COIN reached to a volume of 22927375 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $169.30 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 2.71. 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.

Keefe Bruyette have made an estimate for Coinbase Global Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on February 16, 2024. The new note on the price target was released on February 15, 2024, representing the official price target for Coinbase Global Inc stock. Previously, the target price had yet another raise to $80, while JP Morgan analysts kept a Underweight rating on COIN stock. On December 22, 2023, analysts increased their price target for COIN shares from 107 to 200.

The Average True Range (ATR) for Coinbase Global Inc is set at 14.81, with the Price to Sales ratio for COIN stock in the period of the last 12 months amounting to 17.86. The Price to Book ratio for the last quarter was 8.83, with the Price to Cash per share for the same quarter was set at 23.68. Price to Free Cash Flow for COIN in the course of the last twelve months was 91.74.

Trading performance analysis for COIN stock

Coinbase Global Inc [COIN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 18.16. With this latest performance, COIN shares gained by 77.70% in over the last four-week period, additionally plugging by 187.88% over the last 6 months – not to mention a rise of 259.73% 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 78.02, with the RSI for the last a single of trading hit 83.46, and the three-weeks RSI is set at 73.88 for Coinbase Global Inc [COIN]. The present Moving Average for the last 50 days of trading for this stock 153.92, while it was recorded at 207.70 for the last single week of trading, and 102.52 for the last 200 days.

Coinbase Global Inc [COIN]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Coinbase Global Inc posted 0/share EPS, while the average EPS was predicted by analysts to be reported at -0.01/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 100.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for COIN.

An analysis of Institutional ownership at Coinbase Global Inc [COIN]

The top three institutional holders of COIN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in COIN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in COIN stock with ownership which is approximately 5.8325%.

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