Coinbase Global (NASDAQ:COIN) Upgraded to Buy at Citigroup

Coinbase Global (NASDAQ:COIN) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $345.00 price target on the cryptocurrency exchange’s stock, up from their prior price target of $260.00. Citigroup’s target price would suggest a potential upside of 40.78% from the stock’s previous close.

COIN has been the topic of several other reports. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Friday, May 3rd. Wedbush upped their price target on shares of Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Canaccord Genuity Group upped their price target on shares of Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a report on Friday, May 3rd. HC Wainwright reiterated a “buy” rating and set a $315.00 price target on shares of Coinbase Global in a report on Tuesday, June 18th. Finally, JMP Securities reiterated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $237.50.

Coinbase Global Stock Performance

Coinbase Global stock opened at $245.06 on Tuesday. The company’s 50-day moving average price is $233.95 and its 200-day moving average price is $210.73. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a market cap of $60.18 billion, a PE ratio of 48.91 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. On average, equities research analysts forecast that Coinbase Global will post 5 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $229.09, for a total value of $1,030,905.00. Following the completion of the sale, the chief financial officer now owns 182,903 shares of the company’s stock, valued at approximately $41,901,248.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Jennifer N. Jones sold 450 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the completion of the sale, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the completion of the sale, the chief financial officer now directly owns 182,903 shares of the company’s stock, valued at approximately $41,901,248.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 271,676 shares of company stock valued at $58,878,978. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the last quarter. Norges Bank purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $202,936,000. a16z Perennial Management L.P. purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $147,646,000. Charles Schwab Investment Management Inc. lifted its position in Coinbase Global by 6.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock valued at $114,211,000 after acquiring an additional 37,847 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.