Coinbase Global (NASDAQ:COIN) Trading 1.9% Higher Following Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 1.9% during trading on Monday after Oppenheimer raised their price target on the stock from $395.00 to $417.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $398.50 and last traded at $394.53. 6,121,976 shares traded hands during trading, a decline of 45% from the average session volume of 11,120,033 shares. The stock had previously closed at $387.06.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price objective for the company. JMP Securities raised their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday. Barclays boosted their price objective on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods lifted their target price on 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, Compass Point upgraded Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 target price for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $305.71.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the transaction, the insider owned 82,328 shares in the company, valued at $28,702,833.92. The trade was a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 165,443 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $395.82, for a total value of $65,485,648.26. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $208,201.32. The trade was a 99.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 864,109 shares of company stock valued at $295,681,757. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Jeppson Wealth Management LLC increased its position in shares of Coinbase Global by 4.1% during the second quarter. Jeppson Wealth Management LLC now owns 1,766 shares of the cryptocurrency exchange’s stock worth $619,000 after acquiring an additional 69 shares in the last quarter. LeConte Wealth Management LLC bought a new stake in Coinbase Global in the 2nd quarter valued at $298,000. Oxinas Partners Wealth Management LLC acquired a new position in Coinbase Global in the 2nd quarter worth $384,000. McAdam LLC bought a new position in Coinbase Global during the 2nd quarter worth about $466,000. Finally, Surience Private Wealth LLC raised its stake in shares of Coinbase Global by 25.8% in the 2nd quarter. Surience Private Wealth LLC now owns 3,126 shares of the cryptocurrency exchange’s stock valued at $1,096,000 after purchasing an additional 641 shares during the period. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Down 1.5%

The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $98.51 billion, a P/E ratio of 72.66, a price-to-earnings-growth ratio of 29.98 and a beta of 3.70. The business has a fifty day moving average price of $289.76 and a 200 day moving average price of $248.00.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the prior year, the business posted $2.53 EPS. The firm’s quarterly revenue was up 24.2% compared to the same quarter last year. On average, analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.