Coinbase Global (NASDAQ:COIN) Shares Up 5.3% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was up 5.3% during mid-day trading on Thursday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global traded as high as $226.39 and last traded at $225.07. Approximately 3,745,176 shares traded hands during trading, a decline of 73% from the average daily volume of 13,902,937 shares. The stock had previously closed at $213.78.

Several other research analysts have also issued reports on COIN. The Goldman Sachs Group upgraded Coinbase Global from a “sell” rating to a “neutral” rating in a research note on Friday, March 8th. Needham & Company LLC raised their target price on Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, January 8th. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. Barclays raised their target price on Coinbase Global from $146.00 to $179.00 and gave the company an “underweight” rating in a research note on Monday, April 8th. Finally, HC Wainwright raised their target price on Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $165.43.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the transaction, the director now owns 4,662 shares in the company, valued at $558,181.26. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Alesia J. Haas sold 4,200 shares of Coinbase Global stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $247.54, for a total value of $1,039,668.00. Following the sale, the chief financial officer now owns 192,622 shares of the company’s stock, valued at approximately $47,681,649.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at approximately $558,181.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 607,358 shares of company stock worth $106,945,156. Insiders own 33.16% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mather Group LLC. acquired a new position in shares of Coinbase Global during the 1st quarter worth approximately $32,000. Barrett & Company Inc. bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Riverview Trust Co bought a new position in shares of Coinbase Global during the 1st quarter worth approximately $43,000. Finally, Salem Investment Counselors Inc. boosted its stake in Coinbase Global by 162.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

The company has a 50 day moving average of $224.69 and a 200-day moving average of $155.57. The firm has a market capitalization of $51.12 billion, a P/E ratio of 781.52 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.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $1.13. The business 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 firm’s quarterly revenue was up 51.6% on a year-over-year basis. During the same period in the previous year, the company posted ($2.46) EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 2.43 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.