Coinbase Global (NASDAQ:COIN) Stock Price Up 2.4% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price rose 2.4% during trading on Thursday after Oppenheimer raised their price target on the stock from $200.00 to $276.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $261.50 and last traded at $257.71. Approximately 3,324,191 shares were traded during trading, a decline of 77% from the average daily volume of 14,532,516 shares. The stock had previously closed at $251.58.

COIN has been the topic of several other research reports. HC Wainwright raised their price objective on Coinbase Global from $115.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Canaccord Genuity Group restated a “buy” rating and set a $240.00 price objective on shares of Coinbase Global in a report on Thursday, March 28th. Citigroup raised their price objective on Coinbase Global from $90.00 to $151.00 and gave the stock a “neutral” rating in a report on Friday, January 19th. Needham & Company LLC raised their price objective on Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, January 8th. Finally, Mizuho raised their price objective on Coinbase Global from $60.00 to $84.00 and gave the stock an “underperform” rating in a report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average target price of $148.60.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $146.14, for a total transaction of $3,372,180.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Frederick Ernest Ehrsam III sold 97,836 shares of the business’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $134.24, for a total transaction of $13,133,504.64. Following the transaction, the director now directly owns 299,580 shares in the company, valued at approximately $40,215,619.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $146.14, for a total transaction of $3,372,180.50. The disclosure for this sale can be found here. Insiders have sold a total of 742,995 shares of company stock valued at $116,023,946 in the last three months. 33.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the business. Fountainhead AM LLC raised its position in shares of Coinbase Global by 2.1% in the fourth quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock valued at $688,000 after purchasing an additional 81 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Coinbase Global by 0.6% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock worth $2,561,000 after acquiring an additional 81 shares during the period. Arkadios Wealth Advisors lifted its position in Coinbase Global by 2.6% during the 4th quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock worth $590,000 after acquiring an additional 86 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in Coinbase Global by 2.4% during the fourth quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange’s stock valued at $669,000 after acquiring an additional 90 shares during the period. Finally, Larson Financial Group LLC grew its position in shares of Coinbase Global by 34.5% in the fourth quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange’s stock valued at $61,000 after purchasing an additional 90 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $60.47 billion, a P/E ratio of 924.48 and a beta of 3.41. The business has a 50 day moving average price of $201.15 and a 200 day moving average price of $143.32.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. During the same period in the previous year, the business posted ($2.46) EPS. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. On average, analysts predict that Coinbase Global, Inc. will post 1.68 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.