Coinbase Global (NASDAQ:COIN) Stock Price Up 2.6% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 2.6% during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $265.00 to $358.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $312.70 and last traded at $312.52. 5,616,410 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 11,147,453 shares. The stock had previously closed at $304.64.

COIN has been the subject of a number of other reports. Barclays increased their target price on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Bank of America increased their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Monness Crespi & Hardt started coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price target on the stock. Finally, Piper Sandler reiterated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $255.22.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 178,966 shares of company stock worth $47,064,922 over the last quarter. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of COIN. Geode Capital Management LLC boosted its holdings in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after buying an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global during the third quarter worth approximately $409,919,000. Cowen AND Company LLC lifted its holdings in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Trading Down 6.1 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $73.43 billion, a price-to-earnings ratio of 50.05 and a beta of 3.34. The business has a fifty day simple moving average of $217.21 and a 200 day simple moving average of $215.90.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company posted ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 4.27 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.