Coinbase Global (NASDAQ:COIN) Shares Up 2.6% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 2.6% during mid-day trading on Tuesday 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 $314.43 and last traded at $310.29. 3,923,443 shares were traded during mid-day trading, a decline of 65% from the average session volume of 11,162,979 shares. The stock had previously closed at $302.40.

A number of other equities analysts also recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Barclays increased their target price on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. 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 stock. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $265.33.

Insider Buying and Selling

In related news, insider Lawrence J. Brock sold 4,635 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the transaction, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. This represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $305.71, for a total value of $3,057,100.00. Following the completion of the transaction, the insider now owns 69,407 shares of the company’s stock, valued at $21,218,413.97. The trade was a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 216,644 shares of company stock valued at $62,944,656. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at $25,000. Crewe Advisors LLC grew its holdings in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Coinbase Global in the 3rd quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new stake in Coinbase Global in the 2nd quarter valued at approximately $33,000. Finally, Continuum Advisory LLC boosted its stake in shares of Coinbase Global by 3,000.0% during the 2nd quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 150 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

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 firm has a market cap of $82.85 billion, a PE ratio of 55.81 and a beta of 3.57. The company has a 50 day moving average price of $233.57 and a 200 day moving average price of $220.08.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 last year, the firm posted ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. On average, sell-side analysts expect that Coinbase Global, Inc. will post 4.44 EPS 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.