Coinbase Global (NASDAQ:COIN) Trading Up 2.6% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 2.6% on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $160.00 to $230.00. Keefe, Bruyette & Woods currently has a market perform 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 mid-day 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 analysts also recently weighed in on the company. Piper Sandler boosted their price objective on Coinbase Global from $125.00 to $165.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. TheStreet upgraded Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Citigroup boosted their target price on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. JPMorgan Chase & Co. boosted their target price on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, Mizuho boosted their target price on Coinbase Global from $60.00 to $84.00 and gave the company an “underperform” rating in a research note on Thursday, February 22nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $144.80.

View Our Latest Stock Analysis on Coinbase Global

Insiders Place Their Bets

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $260.00, for a total value of $390,000.00. Following the sale, the chief operating officer now directly owns 224,851 shares of the company’s stock, valued at $58,461,260. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction on 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 directly owns 4,662 shares of the company’s stock, valued at $558,181.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $260.00, for a total value of $390,000.00. Following the transaction, the chief operating officer now directly owns 224,851 shares in the company, valued at $58,461,260. The disclosure for this sale can be found here. Over the last three months, insiders have sold 726,615 shares of company stock valued at $112,038,692. 33.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fountainhead AM LLC lifted its holdings in 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 acquiring an additional 81 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Coinbase Global by 0.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock valued at $2,561,000 after acquiring an additional 81 shares during the period. Arkadios Wealth Advisors lifted its holdings in Coinbase Global by 2.6% in the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock valued at $590,000 after acquiring an additional 86 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in Coinbase Global by 2.4% in 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 lifted its holdings in 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 acquiring an additional 90 shares during the period. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

The business has a fifty day simple moving average of $195.98 and a two-hundred day simple moving average of $141.81. 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 company has a market cap of $60.86 billion, a P/E ratio of 934.41 and a beta of 3.41.

Coinbase Global (NASDAQ:COINGet Free Report) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million for 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%. Coinbase Global’s revenue was up 51.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.46) earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 1.68 EPS for the current year.

Coinbase Global Company Profile

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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.

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