Coinbase Global (NASDAQ:COIN) Upgraded at HC Wainwright

HC Wainwright upgraded shares of Coinbase Global (NASDAQ:COIN) from a sell rating to a buy rating in a report published on Thursday morning, MarketBeat reports. They currently have $425.00 price objective on the cryptocurrency exchange’s stock, up from their prior price objective of $300.00.

COIN has been the topic of a number of other reports. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. BTIG Research started coverage on Coinbase Global in a research note on Wednesday, October 1st. They set a “buy” rating and a $410.00 target price on the stock. Compass Point boosted their target price on Coinbase Global from $248.00 to $277.00 and gave the company a “sell” rating in a research note on Monday, October 20th. Williams Trading set a $405.00 target price on Coinbase Global in a research note on Thursday, July 31st. Finally, Citigroup boosted their target price on Coinbase Global from $270.00 to $505.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $398.91.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $343.78 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The business’s 50 day simple moving average is $333.43 and its two-hundred day simple moving average is $306.48. The stock has a market capitalization of $88.33 billion, a P/E ratio of 29.74 and a beta of 3.68. Coinbase Global has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a return on equity of 17.52% and a net margin of 41.99%.The business’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 EPS. Analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $190,054.32. The trade was a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at $28,475,608.64. This trade represents a 10.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 205,657 shares of company stock valued at $67,479,576. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 25.5% during the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock valued at $8,484,964,000 after purchasing an additional 4,914,407 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Coinbase Global by 46.1% during the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after purchasing an additional 1,755,146 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment lifted its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Coinbase Global during the second quarter valued at $1,044,354,000. 68.84% of the stock is owned by institutional investors.

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.