Coinbase Global (NASDAQ:COIN) Stock Price Up 7.8% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) was up 7.8% on Friday after Benchmark raised their price target on the stock from $252.00 to $301.00. Benchmark currently has a buy rating on the stock. Coinbase Global traded as high as $265.89 and last traded at $263.57. Approximately 10,149,365 shares changed hands during trading, an increase of 2% from the average daily volume of 9,927,459 shares. The stock had previously closed at $244.44.

COIN has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Barclays raised their price target on Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. Oppenheimer dropped their price target on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Piper Sandler raised their price target on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Finally, Monness Crespi & Hardt upgraded Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price target for the company in a research report on Tuesday. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.20.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 1,952 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $250.00, for a total value of $488,000.00. Following the completion of the sale, the insider now owns 81,773 shares in the company, valued at $20,443,250. The trade was a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,764 shares of company stock worth $35,671,592. 17.65% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Principal Financial Group Inc. grew its holdings in Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after buying an additional 36,843 shares during the period. Miracle Mile Advisors LLC grew its holdings in shares of Coinbase Global by 5.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 1,450 shares of the cryptocurrency exchange’s stock worth $360,000 after purchasing an additional 69 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Coinbase Global by 21.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,364 shares of the cryptocurrency exchange’s stock worth $1,084,000 after purchasing an additional 783 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Coinbase Global by 73.4% during the 4th quarter. Park Avenue Securities LLC now owns 3,317 shares of the cryptocurrency exchange’s stock worth $824,000 after purchasing an additional 1,404 shares during the period. Finally, Steph & Co. purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $87,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 9.0%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market cap of $67.65 billion, a PE ratio of 28.05 and a beta of 3.62. The stock has a fifty day moving average price of $191.65 and a 200-day moving average price of $244.07.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 EPS. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. Research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current 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.