Coinbase Global (NASDAQ:COIN) Trading Up 1.3% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 1.3% on Thursday after Monness Crespi & Hardt raised their price target on the stock from $245.00 to $390.00. Monness Crespi & Hardt currently has a buy rating on the stock. Coinbase Global traded as high as $295.48 and last traded at $283.50. 3,754,312 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 11,218,509 shares. The stock had previously closed at $279.86.

A number of other equities analysts also recently commented on the company. Needham & Company LLC raised their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group raised their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Bank of America raised their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $284.28.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $179.69, for a total transaction of $269,535.00. Following the completion of the sale, the chief operating officer now owns 186,101 shares of the company’s stock, valued at approximately $33,440,488.69. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,720 shares of company stock worth $79,787,248 in the last 90 days. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global during the third quarter worth about $25,000. Crewe Advisors LLC boosted its stake in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at $32,000. Spirit of America Management Corp NY acquired a new stake in shares of Coinbase Global during the second quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

The stock has a 50-day moving average of $264.94 and a 200 day moving average of $226.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $70.47 billion, a P/E ratio of 48.04 and a beta of 3.57.

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