Coinbase Global (NASDAQ:COIN) Trading Up 1.6% After Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 1.6% during mid-day trading on Monday after Rothschild Redb upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $392.85 and last traded at $386.07. Approximately 8,652,085 shares traded hands during trading, a decline of 22% from the average daily volume of 11,115,296 shares. The stock had previously closed at $380.02.

A number of other research firms have also recently issued reports on COIN. Canaccord Genuity Group reissued a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. JMP Securities increased their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research report on Monday, July 14th. Monness Crespi & Hardt cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Monday, July 28th. BTIG Research started coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They set a “buy” rating and a $410.00 price objective on the stock. Finally, Compass Point reissued a “sell” rating and set a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and an average price target of $367.27.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 4,675 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares in the company, valued at approximately $28,750,252.80. This trade represents a 4.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider owned 478 shares of the company’s stock, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 739,515 shares of company stock worth $280,933,525. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Steph & Co. increased its stake in Coinbase Global by 52.9% in the 3rd quarter. Steph & Co. now owns 506 shares of the cryptocurrency exchange’s stock valued at $171,000 after buying an additional 175 shares during the last quarter. New England Research & Management Inc. purchased a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $380,000. Nilsine Partners LLC increased its stake in shares of Coinbase Global by 1.0% during the 3rd quarter. Nilsine Partners LLC now owns 7,174 shares of the cryptocurrency exchange’s stock worth $2,421,000 after purchasing an additional 72 shares during the last quarter. Aaron Wealth Advisors LLC increased its stake in shares of Coinbase Global by 74.6% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,769 shares of the cryptocurrency exchange’s stock worth $597,000 after purchasing an additional 756 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Coinbase Global by 45.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,202 shares of the cryptocurrency exchange’s stock worth $743,000 after purchasing an additional 689 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The company’s 50 day moving average price is $323.75 and its 200-day moving average price is $283.48. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company has a market cap of $99.20 billion, a PE ratio of 37.34 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the business earned $0.14 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share 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.