Coinbase Global (NASDAQ:COIN) Trading 3.3% Higher on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was up 3.3% on Monday after Piper Sandler raised their price target on the stock from $190.00 to $350.00. Piper Sandler currently has a neutral rating on the stock. Coinbase Global traded as high as $433.80 and last traded at $433.62. Approximately 5,714,115 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 11,361,466 shares. The stock had previously closed at $419.78.

A number of other equities analysts have also commented on COIN. HC Wainwright reiterated a “sell” rating and set a $300.00 price target (down previously from $305.00) on shares of Coinbase Global in a report on Thursday, July 10th. Rosenblatt Securities boosted their target price on shares of Coinbase Global from $300.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, July 17th. The Goldman Sachs Group boosted their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the company a “neutral” rating in a report on Monday, July 7th. Cantor Fitzgerald began coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 target price on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a report on Friday, May 9th. 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. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $320.06.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the sale, the chief financial officer directly owned 97,366 shares of the company’s stock, valued at $35,071,233.20. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,245,915 shares of company stock valued at $447,462,456 over the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Norges Bank purchased a new position in Coinbase Global in the fourth quarter valued at about $536,484,000. Groupama Asset Managment purchased a new position in Coinbase Global in the fourth quarter valued at about $372,450,000. Vanguard Group Inc. boosted its stake in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Nuveen LLC purchased a new position in Coinbase Global in the first quarter valued at about $83,454,000. Finally, Amundi boosted its stake in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 1.5%

The company has a market capitalization of $105.01 billion, a PE ratio of 77.46, a PEG ratio of 32.00 and a beta of 3.70. 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’s 50 day moving average is $302.29 and its 200 day moving average is $251.26.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.53 earnings per share. On average, sell-side analysts anticipate 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.