Coinbase Global (NASDAQ:COIN) Trading Up 2.3% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 2.3% during trading on Thursday after Rosenblatt Securities raised their price target on the stock from $300.00 to $470.00. Rosenblatt Securities currently has a buy rating on the stock. Coinbase Global traded as high as $415.96 and last traded at $407.39. Approximately 6,365,007 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 10,957,784 shares. The stock had previously closed at $398.20.

A number of other research analysts also recently commented on COIN. William Blair started coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They issued an “outperform” rating for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Sanford C. Bernstein lifted their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research report on Wednesday, June 25th. Barclays lifted their price objective on shares of Coinbase Global from $202.00 to $359.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Finally, Monness Crespi & Hardt raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $313.10.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $209,279.62. The trade was a 99.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the transaction, the insider owned 82,328 shares of the company’s stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,245,915 shares of company stock worth $447,462,456 in the last quarter. 17.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lee Johnson Capital Management LLC bought a new stake in Coinbase Global during the 2nd quarter worth approximately $690,000. Greenleaf Trust grew its holdings in Coinbase Global by 40.3% during the 2nd quarter. Greenleaf Trust now owns 2,239 shares of the cryptocurrency exchange’s stock worth $785,000 after acquiring an additional 643 shares during the last quarter. Capital Investment Advisors LLC grew its holdings in Coinbase Global by 35.8% during the 2nd quarter. Capital Investment Advisors LLC now owns 1,594 shares of the cryptocurrency exchange’s stock worth $559,000 after acquiring an additional 420 shares during the last quarter. Lauterbach Financial Advisors LLC bought a new stake in Coinbase Global during the 2nd quarter worth approximately $390,000. Finally, Sterling Investment Advisors Ltd. bought a new stake in Coinbase Global during the 2nd quarter worth approximately $233,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Up 3.2%

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 stock has a market capitalization of $104.28 billion, a P/E ratio of 76.92, a price-to-earnings-growth ratio of 30.30 and a beta of 3.70. The stock’s fifty day simple moving average is $297.88 and its two-hundred day simple moving average is $250.10.

Coinbase Global (NASDAQ:COIN) last released 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 net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the firm earned $2.53 EPS. The firm’s revenue was up 24.2% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 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.