Coinbase Global (NASDAQ:COIN) Trading 1.3% Higher on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 1.3% during 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. Approximately 3,754,312 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 11,218,509 shares. The stock had previously closed at $279.86.

Other equities research analysts also recently issued research reports about the company. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Monness Crespi & Hardt upped their target price on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Finally, Bank of America boosted their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $286.22.

Insider Activity

In other 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 transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,720 shares of company stock valued at $79,787,248 over the last 90 days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

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

Coinbase Global Stock Performance

The stock’s 50 day moving average price is $269.18 and its 200 day moving average price is $227.12. 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 firm has a market cap of $69.78 billion, a PE ratio of 47.56 and a beta of 3.57.

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