Coinbase Global (NASDAQ:COIN) Shares Up 7.2% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 7.2% during mid-day trading on Monday after Barclays raised their price target on the stock from $204.00 to $355.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $349.75 and last traded at $343.62. Approximately 16,759,232 shares traded hands during trading, a decline of 5% from the average daily volume of 17,719,104 shares. The stock had previously closed at $320.57.

A number of other analysts have also recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Oppenheimer increased their target price on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. Monness Crespi & Hardt assumed coverage on Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, HC Wainwright reissued a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $276.22.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $325.14, for a total transaction of $2,475,615.96. Following the sale, the director now owns 10,417 shares in the company, valued at $3,386,983.38. This represents a 42.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 272,220 shares of company stock valued at $80,030,608 in the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC grew its stake in Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after buying an additional 43 shares during the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after acquiring an additional 51 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Coinbase Global by 0.4% in the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after acquiring an additional 55 shares during the period. Larson Financial Group LLC lifted its position in Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares during the last quarter. Finally, Benjamin Edwards Inc. boosted its stake in Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Trading Down 9.6 %

The firm’s 50-day simple moving average is $245.35 and its 200 day simple moving average is $222.92. The stock has a market cap of $77.74 billion, a P/E ratio of 52.99 and a beta of 3.56. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS 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 business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the business earned ($0.01) earnings per share. The firm’s revenue was up 78.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current 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.