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

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up prior to trading on Friday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. The stock had previously closed at $218.08, but opened at $223.83. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global shares last traded at $225.49, with a volume of 1,692,387 shares.

A number of other analysts have also recently commented on COIN. Bank of America upped their price target on shares of Coinbase Global from $92.00 to $110.00 and gave the company an “underperform” rating in a research report on Wednesday, April 10th. HC Wainwright increased their price objective on shares of Coinbase Global from $115.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a report on Wednesday, April 3rd. Barclays upped their target price on shares of Coinbase Global from $146.00 to $179.00 and gave the stock an “underweight” rating in a report on Monday, April 8th. Finally, The Goldman Sachs Group upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating in a report on Friday, March 8th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average price target of $165.43.

Insider Activity

In other news, insider Paul Grewal sold 10,257 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Paul Grewal sold 10,257 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 97,836 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $131.57, for a total transaction of $12,872,282.52. Following the completion of the transaction, the director now directly owns 6,072 shares of the company’s stock, valued at $798,893.04. The disclosure for this sale can be found here. Insiders sold 590,978 shares of company stock valued at $103,440,000 in the last three months. Company insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of COIN. Mather Group LLC. bought a new position in Coinbase Global in the 1st quarter valued at $32,000. Barrett & Company Inc. bought a new position in Coinbase Global in the 4th quarter valued at $26,000. Creekmur Asset Management LLC bought a new position in Coinbase Global in the 4th quarter valued at $27,000. Riverview Trust Co bought a new position in Coinbase Global in the 1st quarter valued at $43,000. Finally, Salem Investment Counselors Inc. boosted its holdings 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. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

The company’s fifty day simple moving average is $223.31 and its 200 day simple moving average is $154.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $53.93 billion, a P/E ratio of 807.70 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The business’s quarterly revenue was up 51.6% on a year-over-year basis. During the same quarter last year, the company posted ($2.46) EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 2.43 earnings per share for the current fiscal 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.