Coinbase Global (NASDAQ:COIN) Trading Up 2.2% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) rose 2.2% during mid-day trading on Monday after Barclays raised their price target on the stock from $179.00 to $204.00. Barclays currently has an underweight rating on the stock. Coinbase Global traded as high as $235.80 and last traded at $228.12. Approximately 4,799,143 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 13,230,439 shares. The stock had previously closed at $223.25.

Several other research analysts also recently issued reports on the stock. Piper Sandler upped their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. TheStreet upgraded Coinbase Global from a “d” rating to a “c-” rating in a report on Friday, February 16th. Sanford C. Bernstein lifted their target price on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Oppenheimer lifted their target price on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $193.85.

Insiders Place Their Bets

In related news, CAO Jennifer N. Jones sold 1,624 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $168.75, for a total value of $274,050.00. Following the completion of the transaction, the chief accounting officer now directly owns 29,236 shares of the company’s stock, valued at approximately $4,933,575. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,624 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $168.75, for a total value of $274,050.00. Following the transaction, the chief accounting officer now directly owns 29,236 shares of the company’s stock, valued at $4,933,575. The disclosure for this sale can be found here. Over the last quarter, insiders sold 420,597 shares of company stock worth $86,053,862. Company insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Barrett & Company Inc. acquired a new position in Coinbase Global in the 4th quarter valued at about $26,000. Creekmur Asset Management LLC acquired a new position in Coinbase Global in the 4th quarter valued at $27,000. Concord Wealth Partners raised its position in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new stake in shares of Coinbase Global in the first quarter valued at about $32,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 1.3 %

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 firm has a market capitalization of $54.77 billion, a price-to-earnings ratio of 45.80 and a beta of 3.46. The business’s 50 day moving average price is $236.37 and its 200-day moving average price is $167.06.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($2.46) earnings per share. Equities analysts forecast that Coinbase Global, Inc. will post 2.71 EPS for the current fiscal year.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.