Coinbase Global (NASDAQ:COIN) Trading Up 6% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was up 6% on Friday after Barclays raised their price target on the stock from $175.00 to $204.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $190.80 and last traded at $190.06. Approximately 4,624,445 shares were traded during trading, a decline of 56% from the average daily volume of 10,402,267 shares. The stock had previously closed at $179.25.

A number of other brokerages have also weighed in on COIN. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Bank of America raised their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday. Mizuho boosted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday. Needham & Company LLC increased their price target on shares of Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $246.28.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the sale, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,687 shares of company stock valued at $14,908,594. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares during the last quarter. Cowen AND Company LLC lifted its holdings in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after acquiring an additional 22,071 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after purchasing an additional 435,886 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Up 2.0 %

The firm’s fifty day moving average price is $180.98 and its 200-day moving average price is $208.73. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. Coinbase Global’s revenue was up 104.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) EPS. Sell-side analysts expect that Coinbase Global, Inc. will post 4.11 earnings per share for the current fiscal year.

About Coinbase Global

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.