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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 5.3% during 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 mid-day trading, a decline of 73% from the average daily volume of 13,902,937 shares. The stock had previously closed at $213.78.

Other equities research analysts also recently issued reports about the stock. Piper Sandler boosted their target price on shares of Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods upped their price objective on Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their target price on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. TheStreet raised Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Finally, Oppenheimer raised their price objective on Coinbase Global from $200.00 to $276.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $165.43.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total value of $1,210,200.00. Following the transaction, the insider now owns 61,665 shares in the company, valued at approximately $7,462,698.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $121.02, for a total transaction of $1,210,200.00. Following the completion of the sale, the insider now owns 61,665 shares in the company, valued at approximately $7,462,698.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 97,836 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $131.57, for a total value of $12,872,282.52. Following the completion of the transaction, the director now directly owns 6,072 shares in the company, valued at $798,893.04. The disclosure for this sale can be found here. In the last three months, insiders sold 590,978 shares of company stock valued at $103,440,000. Corporate insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after purchasing an additional 408,046 shares during the last quarter. Morgan Stanley grew its position in shares of Coinbase Global by 18.5% in the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after acquiring an additional 511,397 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 3.2% in the 1st quarter. Geode Capital Management LLC now owns 2,341,989 shares of the cryptocurrency exchange’s stock valued at $158,083,000 after acquiring an additional 73,036 shares during the last quarter. Norges Bank acquired a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $50,254,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Coinbase Global by 741.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock worth $233,408,000 after purchasing an additional 1,182,556 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Trading Up 3.2 %

The stock has a market cap of $53.44 billion, a price-to-earnings ratio of 830.74 and a beta of 3.41. The business’s fifty day simple moving average is $221.60 and its 200 day simple moving average is $154.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 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 analyst estimates of $826.10 million. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company’s quarterly revenue was up 51.6% on a year-over-year basis. During the same period in the previous year, the business posted ($2.46) EPS. On average, research analysts predict that Coinbase Global, Inc. will post 2.43 EPS 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.