Coinbase Global (NASDAQ:COIN) Shares Up 2.6% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) traded up 2.6% during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $265.00 to $358.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $312.70 and last traded at $312.52. 5,616,410 shares changed hands during trading, a decline of 50% from the average session volume of 11,147,453 shares. The stock had previously closed at $304.64.

Other analysts have also issued reports about the company. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. B. Riley began coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Mizuho lifted their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Finally, Bank of America boosted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $255.22.

Insiders Place Their Bets

In related news, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the completion of the sale, the chief operating officer now directly owns 187,601 shares in the company, valued at $30,436,386.24. This represents a 0.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 177,129 shares of company stock worth $46,522,970 in the last ninety days. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. RPg Family Wealth Advisory LLC purchased a new position in Coinbase Global during the third quarter valued at $25,000. Crewe Advisors LLC lifted its position in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the second quarter valued at about $29,000. Versant Capital Management Inc lifted its position in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Coinbase Global in the third quarter worth about $32,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 2.5 %

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average price of $217.21 and a 200-day moving average price of $215.90. The stock has a market capitalization of $78.16 billion, a P/E ratio of 53.28 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) earnings per share. As a group, research analysts forecast that Coinbase Global, Inc. will post 4.27 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.