Coinbase Global (NASDAQ:COIN) Upgraded by Sanford C. Bernstein to “Strong-Buy” Rating

Sanford C. Bernstein upgraded shares of Coinbase Global (NASDAQ:COIN) to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

COIN has been the topic of a number of other research reports. The Goldman Sachs Group reduced their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a report on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 target price on Coinbase Global in a report on Tuesday, February 18th. Mizuho cut their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $314.72.

Coinbase Global Price Performance

Shares of COIN stock opened at $190.38 on Tuesday. The stock has a 50-day moving average price of $248.64 and a 200 day moving average price of $240.42. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $48.33 billion, a price-to-earnings ratio of 20.04 and a beta of 3.66. Coinbase Global has a 12 month low of $146.12 and a 12 month high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Research analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares of the company’s stock, valued at $17,656,524.09. The trade was a 11.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.09, for a total value of $1,579,073.58. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $3,126,037.53. This trade represents a 33.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,455 shares of company stock valued at $60,955,968 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in COIN. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.