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

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up before the market opened on Thursday after Oppenheimer raised their price target on the stock from $200.00 to $276.00. The stock had previously closed at $251.58, but opened at $260.15. Oppenheimer currently has an outperform rating on the stock. Coinbase Global shares last traded at $255.50, with a volume of 1,406,800 shares traded.

A number of other brokerages also recently issued reports on COIN. TheStreet upgraded Coinbase Global from a “d” rating to a “c-” rating in a research note on Friday, February 16th. HC Wainwright upped their price objective on Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. upped their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Citigroup upped their price objective on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Finally, Mizuho upped their price target on Coinbase Global from $60.00 to $84.00 and gave the company an “underperform” rating in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $148.60.

Insider Buying and Selling

In other Coinbase Global news, COO Emilie Choi sold 700 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $130.29, for a total value of $91,203.00. Following the transaction, the chief operating officer now directly owns 225,142 shares in the company, valued at approximately $29,333,751.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Coinbase Global news, COO Emilie Choi sold 700 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $130.29, for a total value of $91,203.00. Following the transaction, the chief operating officer now directly owns 225,142 shares in the company, valued at approximately $29,333,751.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $243.30, for a total value of $3,985,254.00. Following the completion of the transaction, the director now owns 4,662 shares in the company, valued at $1,134,264.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 742,995 shares of company stock valued at $116,023,946. Corporate insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the company. Barrett & Company Inc. bought a new position in shares of Coinbase Global during the 4th quarter valued at about $26,000. Creekmur Asset Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at about $27,000. Quarry LP bought a new position in shares of Coinbase Global during the 4th quarter valued at about $32,000. AlphaMark Advisors LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at about $33,000. Finally, Signature Resources Capital Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at about $39,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

The firm has a 50-day moving average price of $203.47 and a 200 day moving average price of $144.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $58.36 billion, a P/E ratio of 892.22 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. During the same period last year, the company earned ($2.46) EPS. Coinbase Global’s revenue for the quarter was up 51.6% compared to the same quarter last year. On average, analysts expect that Coinbase Global, Inc. will post 1.8 EPS 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.