Coinbase Global (NASDAQ:COIN) Shares Up 3.7% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 3.7% during mid-day trading on Monday 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 $309.88 and last traded at $307.23. Approximately 3,662,556 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 11,161,690 shares. The stock had previously closed at $296.20.

A number of other equities research analysts have also commented on COIN. Bank of America raised their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Compass Point dropped their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Mizuho boosted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Finally, Barclays lifted their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $265.33.

Insider Buying and Selling

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total transaction of $447,465.00. Following the sale, the chief operating officer now directly owns 177,576 shares of the company’s stock, valued at approximately $52,972,696.56. The trade was a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the company’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 transaction, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,644 shares of company stock valued at $59,887,556 over the last 90 days. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers raised its position in shares of Coinbase Global by 303.5% during the first quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock worth $6,876,000 after acquiring an additional 19,508 shares during the last quarter. Simplicity Wealth LLC raised its stake in Coinbase Global by 11.5% during the second quarter. Simplicity Wealth LLC now owns 3,752 shares of the cryptocurrency exchange’s stock worth $834,000 after buying an additional 387 shares during the last quarter. Strategic Advocates LLC lifted its holdings in Coinbase Global by 31.5% in the second quarter. Strategic Advocates LLC now owns 2,942 shares of the cryptocurrency exchange’s stock valued at $654,000 after buying an additional 705 shares during the period. QRG Capital Management Inc. lifted its holdings in Coinbase Global by 130.5% in the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after buying an additional 5,493 shares during the period. Finally, Sharp Financial Services LLC acquired a new stake in Coinbase Global during the 2nd quarter worth about $278,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

The stock has a market capitalization of $77.45 billion, a P/E ratio of 52.79 and a beta of 3.57. The company has a current ratio of 1.03, a quick 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 issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company earned ($0.01) earnings per share. The firm’s revenue was up 78.8% compared to the same quarter last year. On average, equities analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current 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.