Coinbase Global (NASDAQ:COIN) Trading Up 2.6% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shot up 2.6% during trading on Tuesday 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 $314.43 and last traded at $310.29. 3,923,443 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 11,162,979 shares. The stock had previously closed at $302.40.

Several other research firms have also issued reports on COIN. Piper Sandler reissued a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Oppenheimer upped their price objective on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Mizuho upped 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. Finally, Barclays upped their price objective on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. One investment 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.com, the stock presently has an average rating of “Hold” and a consensus price target of $265.33.

Insider Activity

In related news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This trade represents a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 of the company’s stock, valued at $1,588,703.24. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,644 shares of company stock valued at $59,887,556. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in COIN. Geode Capital Management LLC grew its stake in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares during the period. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global in the third quarter valued at $409,919,000. Cowen AND Company LLC raised its stake in shares of Coinbase Global by 1.5% in the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The company has a market capitalization of $77.45 billion, a PE ratio of 52.79 and a beta of 3.57. 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 50-day moving average price of $230.81 and a two-hundred day moving average price of $219.36.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results 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). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the firm posted ($0.01) earnings per share. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Analysts predict that Coinbase Global, Inc. will post 4.44 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.