Coinbase Global (NASDAQ:COIN) Trading 9.1% Higher on Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 9.1% during mid-day trading on Thursday after Rothschild & Co Redburn raised their price target on the stock from $254.00 to $263.00. Rothschild & Co Redburn currently has a buy rating on the stock. Coinbase Global traded as high as $220.30 and last traded at $220.1530. Approximately 7,213,250 shares traded hands during trading, a decline of 38% from the average daily volume of 11,582,808 shares. The stock had previously closed at $201.80.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler lowered their target price on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. HC Wainwright decreased their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Weiss Ratings cut shares of Coinbase Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. President Capital upped their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Monness Crespi & Hardt reaffirmed a “sell” rating and issued a $110.00 price target (down from $115.00) on shares of Coinbase Global in a report on Friday, May 8th. Nineteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $252.20.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 397,171 shares in the company, valued at approximately $79,434,200. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 29,990 shares of company stock valued at $6,013,920 in the last ninety days. 16.66% of the stock is currently owned by insiders.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Rothschild & Co Redburn raised its price target on Coinbase to $263 from $254 and reiterated a buy rating, signaling confidence in further upside from current levels. Article: Rothschild & Co Redburn adjusts PT on Coinbase Global to 263 from 254, maintains buy rating
• Positive Sentiment: Coinbase CEO Brian Armstrong has strongly backed the CLARITY Act ahead of Senate markup, arguing that clearer U.S. crypto rules could help banks and companies build faster, cheaper financial products and expand the market for Coinbase’s services. Article: Coinbase CEO Says American Companies Can Finally Start To Build If CLARITY Act Advances
• Positive Sentiment: Reports that Jane Street added to its Coinbase position suggest some institutional investors are rotating toward crypto-related exposure, which can support sentiment in the stock. Article: Jane Street Pivots Away from Bitcoin ETFs, Pours $82M into Ethereum Holdings

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Aspen Grove Capital LLC boosted its position in Coinbase Global by 2.1% during the first quarter. Aspen Grove Capital LLC now owns 3,439 shares of the cryptocurrency exchange’s stock valued at $600,000 after buying an additional 71 shares during the period. Sei Investments Co. boosted its position in Coinbase Global by 11.2% during the first quarter. Sei Investments Co. now owns 54,516 shares of the cryptocurrency exchange’s stock valued at $9,515,000 after buying an additional 5,479 shares during the period. Signature Equity Partners LLC boosted its position in Coinbase Global by 14.7% during the first quarter. Signature Equity Partners LLC now owns 2,381 shares of the cryptocurrency exchange’s stock valued at $416,000 after buying an additional 306 shares during the period. First Citizens Bank & Trust Co. boosted its position in Coinbase Global by 37.4% during the first quarter. First Citizens Bank & Trust Co. now owns 40,467 shares of the cryptocurrency exchange’s stock valued at $7,066,000 after buying an additional 11,020 shares during the period. Finally, CI Investments Inc. boosted its position in Coinbase Global by 14.8% during the first quarter. CI Investments Inc. now owns 1,312 shares of the cryptocurrency exchange’s stock valued at $229,000 after buying an additional 169 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 9.7%

The firm’s 50-day simple moving average is $191.07 and its 200-day simple moving average is $223.41. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $58.46 billion, a PE ratio of 82.96, a price-to-earnings-growth ratio of 7.43 and a beta of 3.38.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.06%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.24 earnings per share. The business’s quarterly revenue was down 30.5% on a year-over-year basis. Equities analysts expect that Coinbase Global, Inc. will post 1.78 earnings per share for the current year.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.