Coinbase Global (NASDAQ:COIN) Trading Up 3.7% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) was up 3.7% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $183.00 to $397.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as high as $309.88 and last traded at $307.23. Approximately 3,662,556 shares changed hands during trading, a decline of 67% from the average daily volume of 11,161,690 shares. The stock had previously closed at $296.20.

Other analysts also recently issued reports about the stock. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. Barclays boosted their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Bank of America increased their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Compass Point cut their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Oppenheimer raised their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $265.33.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,719 shares of company stock worth $65,309,711 in the last three months. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its position in shares of Coinbase Global by 66.4% during the 1st quarter. Janus Henderson Group PLC now owns 17,127 shares of the cryptocurrency exchange’s stock valued at $4,539,000 after buying an additional 6,835 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Coinbase Global by 303.5% during the 1st quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock valued at $6,876,000 after buying an additional 19,508 shares in the last quarter. Cetera Advisors LLC raised its position in Coinbase Global by 49.2% in the 1st quarter. Cetera Advisors LLC now owns 10,911 shares of the cryptocurrency exchange’s stock worth $2,893,000 after purchasing an additional 3,597 shares during the period. DekaBank Deutsche Girozentrale raised its position in Coinbase Global by 5.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 27,094 shares of the cryptocurrency exchange’s stock worth $7,075,000 after purchasing an additional 1,349 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Coinbase Global in the 2nd quarter worth about $209,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $75.90 billion, a PE ratio of 53.09 and a beta of 3.34. The stock’s 50-day moving average is $228.17 and its two-hundred day moving average is $218.63.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.01) EPS. On average, equities analysts predict that Coinbase Global, Inc. will post 4.44 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.