Coinbase Global (NASDAQ:COIN) Trading 4.6% Higher Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 4.6% during mid-day trading on Friday after Rosenblatt Securities raised their price target on the stock from $300.00 to $470.00. Rosenblatt Securities currently has a buy rating on the stock. Coinbase Global traded as high as $444.65 and last traded at $429.71. Approximately 12,238,534 shares traded hands during mid-day trading, an increase of 11% from the average daily volume of 11,013,807 shares. The stock had previously closed at $410.75.

Several other equities analysts have also weighed in on the company. Oppenheimer lifted their price objective on Coinbase Global from $395.00 to $417.00 and gave the company an “outperform” rating in a research note on Monday, July 14th. Keefe, Bruyette & Woods lifted their price objective 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. Barclays lifted their price objective on Coinbase Global from $202.00 to $359.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. The Goldman Sachs Group lifted their price objective on Coinbase Global from $239.00 to $268.00 and gave the company a “neutral” rating in a research note on Monday, July 7th. Finally, Piper Sandler lifted their price objective on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $313.10.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at $209,279.62. The trade was a 99.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider owned 82,328 shares in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,245,915 shares of company stock worth $447,462,456 in the last three months. 17.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank increased its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after acquiring an additional 629 shares during the last quarter. KCM Investment Advisors LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $507,000. GAMMA Investing LLC increased its holdings in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock valued at $453,000 after acquiring an additional 1,454 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in shares of Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after acquiring an additional 232 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 2.2%

The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a market capitalization of $106.57 billion, a P/E ratio of 78.61, a P/E/G ratio of 31.31 and a beta of 3.70. The stock has a fifty day moving average price of $302.29 and a two-hundred day moving average price of $251.28.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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 company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the firm earned $2.53 EPS. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. Research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS 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.