Coinbase Global (NASDAQ:COIN) Trading Up 3.7% After Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 3.7% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $183.00 to $397.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as high as $309.88 and last traded at $307.23. Approximately 3,662,556 shares were traded during trading, a decline of 67% from the average daily volume of 11,161,690 shares. The stock had previously closed at $296.20.

A number of other equities research analysts have also weighed in on COIN. HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Needham & Company LLC boosted their price target on Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 target price for the company. Compass Point reduced their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Oppenheimer lifted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $265.33.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total transaction of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares in the company, valued at $52,972,696.56. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,644 shares of company stock worth $59,887,556. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in COIN. Cetera Investment Advisers grew its holdings in Coinbase Global by 303.5% during the 1st quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock worth $6,876,000 after acquiring an additional 19,508 shares in the last quarter. Cetera Advisors LLC raised its position in Coinbase Global by 49.2% during the 1st quarter. Cetera Advisors LLC now owns 10,911 shares of the cryptocurrency exchange’s stock worth $2,893,000 after buying an additional 3,597 shares during the last quarter. Versant Capital Management Inc raised its position in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the 2nd quarter valued at about $29,000. Finally, Simplicity Wealth LLC increased its holdings in shares of Coinbase Global by 11.5% in the 2nd quarter. Simplicity Wealth LLC now owns 3,752 shares of the cryptocurrency exchange’s stock valued at $834,000 after purchasing an additional 387 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

The stock’s fifty day moving average price is $228.17 and its 200-day moving average price is $218.63. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $75.71 billion, a PE ratio of 53.09 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 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) earnings per share. As a group, equities analysts forecast that Coinbase Global, Inc. will post 4.44 EPS 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.