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

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 2.6% during trading on Wednesday 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 $256.00 and last traded at $252.29. Approximately 2,920,326 shares changed hands during trading, a decline of 80% from the average daily volume of 14,652,346 shares. The stock had previously closed at $245.84.

Several other equities research analysts have also issued reports on COIN. Mizuho increased their price objective on shares of Coinbase Global from $60.00 to $84.00 and gave the stock an “underperform” rating in a research report on Thursday, February 22nd. Piper Sandler increased their price objective on shares of Coinbase Global from $125.00 to $165.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Citigroup increased their price objective on shares of Coinbase Global from $90.00 to $151.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Wedbush increased their price objective on shares of Coinbase Global from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a research report on Wednesday. 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $148.60.

Insider Transactions at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 700 shares of Coinbase Global stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $130.29, for a total transaction of $91,203.00. Following the sale, the chief operating officer now owns 225,142 shares in the company, valued at $29,333,751.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Coinbase Global news, COO Emilie Choi sold 700 shares of Coinbase Global stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $130.29, for a total transaction of $91,203.00. Following the completion of the transaction, the chief operating officer now directly owns 225,142 shares of the company’s stock, valued at $29,333,751.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the transaction, the chief financial officer now directly owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 742,995 shares of company stock worth $116,023,946. Insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Fountainhead AM LLC raised its holdings in Coinbase Global by 2.1% during the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after purchasing an additional 81 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Coinbase Global by 0.6% during 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 purchasing an additional 81 shares during the last quarter. Arkadios Wealth Advisors raised its holdings 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 purchasing an additional 86 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in Coinbase Global by 2.4% during the 4th quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange’s stock worth $669,000 after purchasing an additional 90 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Coinbase Global by 34.5% during the 4th quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange’s stock worth $61,000 after purchasing an additional 90 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

The stock has a market capitalization of $60.47 billion, a P/E ratio of 924.48 and a beta of 3.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $201.15 and a two-hundred day simple moving average of $143.32.

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