Coinbase Global (NASDAQ:COIN) Shares Up 1.3% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 1.3% during mid-day trading on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $165.00 to $275.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as high as $295.48 and last traded at $283.50. 3,754,312 shares changed hands during trading, a decline of 67% from the average session volume of 11,218,509 shares. The stock had previously closed at $279.86.

Several other research firms have also recently commented on COIN. Mizuho boosted their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Oppenheimer increased their target price on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Finally, Barclays increased their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $286.22.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at approximately $12,750,015.60. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,720 shares of company stock worth $79,787,248 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its position in Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after acquiring an additional 36,843 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Coinbase Global in the third quarter worth about $94,000. Virtu Financial LLC bought a new position in Coinbase Global in the 3rd quarter valued at about $3,866,000. TD Private Client Wealth LLC acquired a new position in Coinbase Global during the 3rd quarter valued at about $77,000. Finally, Sunbelt Securities Inc. raised its position in shares of Coinbase Global by 25.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock worth $124,000 after buying an additional 143 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

The business’s 50-day simple moving average is $269.18 and its 200 day simple moving average is $227.12. The company has a market capitalization of $69.78 billion, a P/E ratio of 47.56 and a beta of 3.57. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its 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). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) EPS. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.44 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.