Coinbase Global (NASDAQ:COIN) Trading Up 3.7% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 3.7% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $183.00 to $397.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as high as $309.88 and last traded at $307.23. Approximately 3,662,556 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 11,161,690 shares. The stock had previously closed at $296.20.

Several other research analysts have also commented on the stock. Compass Point cut their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Oppenheimer raised their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Finally, Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $265.33.

Insider Activity

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now directly owns 187,601 shares in the company, valued at $30,436,386.24. The trade was a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,644 shares of company stock valued at $59,887,556. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global in the third quarter worth about $25,000. Crewe Advisors LLC raised its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the period. Lynx Investment Advisory acquired a new stake in Coinbase Global during the 2nd quarter worth about $29,000. Versant Capital Management Inc raised its holdings in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the 3rd quarter worth about $32,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Trading Up 2.1 %

The company has a fifty day simple moving average of $228.17 and a 200-day simple moving average of $218.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $75.71 billion, a price-to-earnings ratio of 53.09 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) EPS. On average, research analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal 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.