Coinbase Global (NASDAQ:COIN) Shares Gap Up on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped up prior to trading on Tuesday after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $207.22, but opened at $231.71. Monness Crespi & Hardt now has a $300.00 price target on the stock. Coinbase Global shares last traded at $241.32, with a volume of 4,397,419 shares.

COIN has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their price target on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Piper Sandler boosted their price objective on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research report on Friday, February 21st. Keefe, Bruyette & Woods lifted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research note on Friday, May 9th. Finally, Barclays boosted their price objective on shares of Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a research report on Monday. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $262.75.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $3,074,056.70. The trade was a 42.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $104,226.90. The trade was a 95.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,742 shares of company stock valued at $25,758,259. Corporate insiders own 17.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global in the fourth quarter worth $252,000. Savant Capital LLC bought a new position in Coinbase Global during the fourth quarter worth about $591,000. Principal Financial Group Inc. grew its position in shares of Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after buying an additional 36,843 shares during the period. Sara Bay Financial bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $230,000. Finally, Oxinas Partners Wealth Management LLC acquired a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $265,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Up 24.0%

The firm’s 50 day moving average is $187.93 and its two-hundred day moving average is $243.41. The firm has a market cap of $65.22 billion, a P/E ratio of 27.04 and a beta of 3.62. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.53 EPS. As a group, research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal 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.