Coinbase Global (NASDAQ:COIN) Stock Price Up 3% on Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 3% during trading on Wednesday after Jefferies Financial Group raised their price target on the stock from $260.00 to $405.00. Jefferies Financial Group currently has a hold rating on the stock. Coinbase Global traded as high as $386.58 and last traded at $382.72. Approximately 4,510,458 shares were traded during trading, a decline of 60% from the average daily volume of 11,366,093 shares. The stock had previously closed at $371.44.

Several other analysts also recently issued reports on the company. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a “buy” rating and a $353.30 price target for the company. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Cantor Fitzgerald initiated coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target for the company. The Goldman Sachs Group increased their price target on Coinbase Global from $239.00 to $268.00 and gave the company a “neutral” rating in a report on Monday, July 7th. Finally, Oppenheimer increased their price target on Coinbase Global from $395.00 to $417.00 and gave the company an “outperform” rating in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $336.58.

Insider Activity

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director owned 10,417 shares of the company’s stock, valued at $2,632,167.56. This trade represents a 74.33% 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 336,265 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock worth $439,997,456 in the last ninety days. Corporate insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its holdings in Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after acquiring an additional 9,952 shares during the last quarter. Amalgamated Bank lifted its holdings in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock worth $2,368,000 after acquiring an additional 629 shares during the last quarter. KCM Investment Advisors LLC bought a new position in Coinbase Global in the fourth quarter worth about $507,000. GAMMA Investing LLC lifted its holdings in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock worth $193,000 after acquiring an additional 84 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock worth $453,000 after acquiring an additional 1,454 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 1.6%

The stock’s fifty day simple moving average is $324.49 and its 200-day simple moving average is $258.36. The stock has a market cap of $95.83 billion, a P/E ratio of 70.69, a PEG ratio of 26.47 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

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