Coinbase Global (NASDAQ:COIN) Stock Price Up 5.4% After Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 5.4% during mid-day trading on Monday after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating. Monness Crespi & Hardt now has a $300.00 price target on the stock. Coinbase Global traded as high as $213.60 and last traded at $210.08. Approximately 5,828,110 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 9,644,702 shares. The stock had previously closed at $199.32.

COIN has been the subject of a number of other research reports. Barclays increased their price target on Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a research note on Monday. Canaccord Genuity Group restated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Needham & Company LLC cut their price objective on Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research report on Monday. Cantor Fitzgerald initiated coverage on Coinbase Global in a research report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price objective for the company. Finally, JMP Securities restated a “market outperform” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Thursday, May 8th. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $262.75.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total value of $2,527,950.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 107,291 shares of the company’s stock, valued at approximately $21,458,200. The trade was a 6.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,742 shares of company stock worth $25,758,259. 17.65% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Mascagni Wealth Management Inc. bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $26,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 24.0%

The company’s 50 day moving average price is $187.93 and its two-hundred day moving average price is $243.41. 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 stock has a market cap of $65.22 billion, a P/E ratio of 27.04 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s quarterly revenue was up 24.2% on a year-over-year basis. During the same period last year, the firm earned $2.53 EPS. As a group, research analysts expect 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.