Coinbase Global (NASDAQ:COIN) Trading Up 1.9% on Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 1.9% on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $165.00 to $275.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as high as $280.90 and last traded at $279.15. 4,266,966 shares changed hands during trading, a decline of 62% from the average session volume of 11,221,841 shares. The stock had previously closed at $273.92.

Other analysts also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Monness Crespi & Hardt boosted their price target on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday. Needham & Company LLC boosted their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Barclays boosted their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Finally, Piper Sandler reiterated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $286.22.

Insider Activity

In other news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gokul Rajaram sold 400 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,720 shares of company stock worth $79,787,248 over the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crewe Advisors LLC increased its holdings in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global during the third quarter worth $25,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the third quarter worth $32,000. Abich Financial Wealth Management LLC increased its stake in Coinbase Global by 548.5% during the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after acquiring an additional 181 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in Coinbase Global during the second quarter worth $54,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The firm has a 50 day simple moving average of $269.18 and a 200-day simple moving average of $227.12. 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 cap of $69.78 billion, a price-to-earnings ratio of 47.56 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last posted 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). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. As a group, analysts predict that Coinbase Global, Inc. will post 4.44 EPS 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.