Coinbase Global (NASDAQ:COIN) Stock Price Up 5.3% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 5.3% during trading on Thursday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global traded as high as $226.39 and last traded at $225.07. Approximately 3,745,176 shares traded hands during trading, a decline of 73% from the average daily volume of 13,902,937 shares. The stock had previously closed at $213.78.

A number of other research analysts have also weighed in on COIN. Citigroup raised their price target on shares of Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Canaccord Genuity Group restated a “buy” rating and set a $240.00 price target on shares of Coinbase Global in a report on Thursday, March 28th. JPMorgan Chase & Co. raised their price target on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, March 15th. Oppenheimer lifted their target price on shares of Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Needham & Company LLC lifted their target price on shares of Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a report on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $165.43.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 64,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the sale, the chief financial officer now owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coinbase Global news, CFO Alesia J. Haas sold 64,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the sale, the chief financial officer now owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 4,750 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $225.35, for a total transaction of $1,070,412.50. Following the transaction, the chief financial officer now directly owns 196,740 shares in the company, valued at approximately $44,335,359. The disclosure for this sale can be found here. Insiders have sold 590,978 shares of company stock valued at $103,440,000 over the last quarter. Corporate insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of COIN. Fairfield Bush & CO. lifted its stake in shares of Coinbase Global by 18.4% during the first quarter. Fairfield Bush & CO. now owns 1,770 shares of the cryptocurrency exchange’s stock valued at $336,000 after buying an additional 275 shares during the period. United Bank purchased a new position in Coinbase Global during the first quarter worth approximately $286,000. Bank of New York Mellon Corp raised its stake in Coinbase Global by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 70,553 shares of the cryptocurrency exchange’s stock worth $13,394,000 after purchasing an additional 1,844 shares during the period. American Century Companies Inc. raised its stake in Coinbase Global by 269.2% during the first quarter. American Century Companies Inc. now owns 7,147 shares of the cryptocurrency exchange’s stock worth $1,357,000 after purchasing an additional 5,211 shares during the period. Finally, Synovus Financial Corp raised its stake in Coinbase Global by 26.6% during the first quarter. Synovus Financial Corp now owns 1,103 shares of the cryptocurrency exchange’s stock worth $209,000 after purchasing an additional 232 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The company has a market cap of $52.83 billion, a PE ratio of 807.70 and a beta of 3.41. The stock’s 50 day simple moving average is $223.31 and its two-hundred day simple moving average is $154.63.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The business’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($2.46) earnings per share. As a group, research analysts anticipate that Coinbase Global, Inc. will post 2.43 earnings per share for the current year.

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.