Coinbase Global (NASDAQ:COIN) Trading Up 9.8% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was up 9.8% on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $404.00 price target on the stock, up from their previous price target of $342.00. Coinbase Global traded as high as $356.88 and last traded at $354.46. Approximately 13,819,699 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 10,995,856 shares. The stock had previously closed at $322.76.

Other research analysts also recently issued reports about the stock. Argus started coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a “buy” rating and a $400.00 target price on the stock. Bank of America dropped their target price on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Coinbase Global in a research report on Tuesday, October 14th. JMP Securities boosted their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research report on Monday, July 14th. Finally, Compass Point boosted their price objective on shares of Coinbase Global from $248.00 to $277.00 and gave the company a “sell” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $384.12.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock worth $67,479,576 in the last ninety days. 17.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the business. Envestnet Asset Management Inc. raised its stake in shares of Coinbase Global by 24.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after buying an additional 9,952 shares in the last quarter. Amalgamated Bank raised its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after buying an additional 629 shares in the last quarter. Kera Capital Partners Inc. raised its stake in shares of Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after buying an additional 1,085 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after buying an additional 5,402 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Trading Up 9.8%

The company has a market cap of $91.07 billion, a price-to-earnings ratio of 34.28 and a beta of 3.68. 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 business’s 50 day moving average price is $329.63 and its 200-day moving average price is $298.57.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company posted $0.14 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current 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.