Coinbase Global (NASDAQ:COIN) Trading 1.9% Higher After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 1.9% on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $165.00 to $275.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as high as $280.90 and last traded at $279.15. Approximately 4,266,966 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 11,221,841 shares. The stock had previously closed at $273.92.

COIN has been the topic of several other reports. Oppenheimer boosted their price objective on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. The Goldman Sachs Group increased their price target on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Needham & Company LLC lifted their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Barclays increased their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Finally, B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus price target of $286.22.

Insider Transactions at Coinbase Global

In related 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 completion of the transaction, the insider now owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total value of $2,475,615.96. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,386,983.38. This represents a 42.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,720 shares of company stock valued at $79,787,248. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the third quarter valued at about $25,000. Crewe Advisors LLC boosted its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global in the 3rd quarter worth approximately $32,000. Spirit of America Management Corp NY bought a new position in shares of Coinbase Global during the 2nd quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. lifted its position in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Trading Up 1.7 %

The company’s 50 day simple moving average is $269.18 and its two-hundred day simple moving average is $227.12. 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 market capitalization of $69.78 billion, a price-to-earnings ratio of 47.56 and a beta of 3.57.

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 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 for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company posted ($0.01) EPS. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share 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.