Coinbase Global (NASDAQ:COIN) Stock Price Up 7.2% Following Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 7.2% during trading on Monday after Barclays raised their price target on the stock from $204.00 to $355.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $349.75 and last traded at $343.62. Approximately 16,759,232 shares changed hands during trading, a decline of 5% from the average daily volume of 17,719,104 shares. The stock had previously closed at $320.57.

COIN has been the subject of a number of other reports. Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Bank of America upped their price target 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. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. One research 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $276.22.

Insider Activity

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the completion of the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. This trade represents a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,220 shares of company stock worth $80,030,608 in the last 90 days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth $25,000. Crewe Advisors LLC raised its holdings in Coinbase Global by 547.4% during the second 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 acquired a new stake in shares of Coinbase Global in the third quarter worth about $32,000. Spirit of America Management Corp NY bought a new stake in shares of Coinbase Global during the 2nd quarter worth about $33,000. Finally, Continuum Advisory LLC increased its holdings 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 valued at $34,000 after acquiring an additional 150 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

The stock has a 50 day moving average of $245.35 and a two-hundred day moving average of $222.92. 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 firm has a market capitalization of $77.74 billion, a P/E ratio of 52.99 and a beta of 3.56.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share 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.