Coinbase Global (NASDAQ:COIN) Trading Up 1.3% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 1.3% during mid-day trading on Thursday after Monness Crespi & Hardt raised their price target on the stock from $245.00 to $390.00. Monness Crespi & Hardt currently has a buy rating on the stock. Coinbase Global traded as high as $295.48 and last traded at $283.50. 3,754,312 shares were traded during mid-day trading, a decline of 67% from the average session volume of 11,218,509 shares. The stock had previously closed at $279.86.

A number of other research firms have also weighed in on COIN. The Goldman Sachs Group upped their price objective on Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Barclays upped their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Mizuho boosted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Finally, Bank of America raised their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $284.28.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the sale, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the transaction, the chief financial officer now owns 169,786 shares in the company, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,720 shares of company stock worth $79,787,248 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Coinbase Global during the 2nd quarter worth approximately $333,000. Assenagon Asset Management S.A. grew its stake in shares of Coinbase Global by 39.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,629 shares of the cryptocurrency exchange’s stock valued at $584,000 after buying an additional 739 shares in the last quarter. Premier Path Wealth Partners LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $278,000. Spirit of America Management Corp NY acquired a new position in Coinbase Global during the 2nd quarter worth about $33,000. Finally, Verdence Capital Advisors LLC boosted its holdings in Coinbase Global by 9.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 6,622 shares of the cryptocurrency exchange’s stock valued at $1,472,000 after acquiring an additional 590 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 debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $68.58 billion, a price-to-earnings ratio of 46.74 and a beta of 3.57. The firm has a 50-day simple moving average of $267.14 and a two-hundred day simple moving average of $226.79.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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 analysts’ expectations of $1.26 billion. During the same period in the prior year, the business earned ($0.01) EPS. The business’s quarterly revenue was up 78.8% on a year-over-year basis. On average, sell-side analysts anticipate 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.