Coinbase Global (NASDAQ:COIN) Stock Price Up 2.8% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 2.8% during trading on Wednesday after Bank of America raised their price target on the stock from $92.00 to $110.00. Bank of America currently has an underperform rating on the stock. Coinbase Global traded as high as $250.81 and last traded at $249.72. 5,933,585 shares traded hands during trading, a decline of 58% from the average session volume of 14,229,112 shares. The stock had previously closed at $242.95.

Several other equities analysts also recently commented on the company. Barclays raised their target price on Coinbase Global from $146.00 to $179.00 and gave the stock an “underweight” rating in a research report on Monday. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. JMP Securities reaffirmed a “market outperform” rating on shares of Coinbase Global in a report on Friday, March 22nd. Piper Sandler raised their price target on Coinbase Global from $125.00 to $165.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. raised their price target on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $156.65.

Insider Buying and Selling

In related 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 sale, 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 legal filing with the SEC, which can be accessed through the SEC website. In other Coinbase Global news, COO Emilie Choi sold 700 shares of Coinbase Global stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $130.29, for a total transaction of $91,203.00. Following the transaction, the chief operating officer now directly owns 225,142 shares in the company, valued at $29,333,751.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of Coinbase Global stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $256.19, for a total value of $4,196,392.20. Following the transaction, the director now owns 4,662 shares in the company, valued at $1,194,357.78. The disclosure for this sale can be found here. Insiders sold a total of 661,539 shares of company stock valued at $109,628,776 over the last three months. Company insiders own 33.16% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Barrett & Company Inc. bought a new stake in shares of Coinbase Global in the fourth quarter valued at about $26,000. Ancora Advisors LLC raised its holdings in Coinbase Global by 144.0% during the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 435 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in Coinbase Global during the fourth quarter worth about $27,000. Tyler Stone Wealth Management bought a new stake in Coinbase Global during the second quarter worth about $31,000. Finally, Mather Group LLC. bought a new stake in Coinbase Global during the first quarter worth about $32,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Up 4.8 %

The firm has a market cap of $63.72 billion, a P/E ratio of 974.11 and a beta of 3.41. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The firm has a fifty day moving average of $213.33 and a 200-day moving average of $149.38.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to the consensus estimate 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 was up 51.6% on a year-over-year basis. During the same quarter last year, the firm earned ($2.46) earnings per share. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 2.1 earnings per share for the current 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.