Coinbase Global (NASDAQ:COIN) Trading Up 2.3% After Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 2.3% during trading on Monday after Barclays raised their price target on the stock from $169.00 to $175.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $176.15 and last traded at $174.92. Approximately 2,605,077 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 10,346,575 shares. The stock had previously closed at $170.91.

COIN has been the topic of several other research reports. Needham & Company LLC reissued a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a report on Monday, August 5th. HC Wainwright lowered their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Compass Point cut their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. Finally, Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $246.44.

Insider Activity

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $179.69, for a total transaction of $269,535.00. Following the transaction, the chief operating officer now directly owns 186,101 shares in the company, valued at approximately $33,440,488.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $220.31, for a total value of $5,083,653.25. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $115,883.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $179.69, for a total value of $269,535.00. Following the transaction, the chief operating officer now owns 186,101 shares in the company, valued at approximately $33,440,488.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,112 shares of company stock valued at $20,596,024. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently modified their holdings of COIN. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after acquiring an additional 2,624,989 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares during the period. American Century Companies Inc. boosted its holdings in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd bought a new stake in shares of Coinbase Global during the first quarter worth $108,434,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Trading Up 0.2 %

The firm has a market capitalization of $41.26 billion, a price-to-earnings ratio of 33.47 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average is $181.31 and its 200 day moving average is $215.01.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.42) earnings per share. Equities analysts predict that Coinbase Global, Inc. will post 3.96 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.