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

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 1.9% during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $395.00 to $417.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $398.50 and last traded at $394.53. Approximately 6,121,976 shares were traded during trading, a decline of 45% from the average daily volume of 11,120,033 shares. The stock had previously closed at $387.06.

Several other equities research analysts have also recently issued reports on COIN. JPMorgan Chase & Co. lowered their target price on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They set a “buy” rating and a $353.30 target price on the stock. Benchmark boosted their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Sanford C. Bernstein boosted their target price on Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a report on Wednesday, June 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $305.71.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 670,915 shares of company stock worth $219,399,582. 17.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global during the 4th quarter valued at about $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC purchased a new position in Coinbase Global during the 4th quarter valued at about $35,000. Brooklands Fund Management Ltd purchased a new position in Coinbase Global during the 4th quarter valued at about $37,245,000. Finally, Ameriflex Group Inc. purchased a new position in Coinbase Global during the 4th quarter valued at about $37,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 1.8%

The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The company has a market cap of $100.03 billion, a price-to-earnings ratio of 73.78, a price-to-earnings-growth ratio of 29.42 and a beta of 3.70. The business has a 50-day simple moving average of $285.95 and a 200-day simple moving average of $247.02.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. Coinbase Global’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.53 EPS. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 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.