Coinbase Global (NASDAQ:COIN) Trading 1.3% Higher After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 1.3% during trading on Thursday after Monness Crespi & Hardt raised their price target on the stock from $245.00 to $390.00. Monness Crespi & Hardt currently has a buy rating on the stock. Coinbase Global traded as high as $295.48 and last traded at $283.50. Approximately 3,754,312 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 11,218,509 shares. The stock had previously closed at $279.86.

A number of other research analysts also recently commented on the company. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Oppenheimer upped their price target on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Mizuho raised their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Piper Sandler restated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research report on Friday, November 1st. Finally, Needham & Company LLC increased their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $284.28.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now directly owns 74,956 shares in the company, 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 legal filing with the SEC, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Monday, September 30th. The stock was 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 of the company’s stock, valued at $33,440,488.69. This represents a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,720 shares of company stock worth $79,787,248 in the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

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

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $68.58 billion, a PE ratio of 46.74 and a beta of 3.57. The stock has a 50-day simple moving average of $267.14 and a 200 day simple moving average of $226.79.

Coinbase Global (NASDAQ:COIN) last released 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). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. Equities analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS 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.