Coinbase Global (NASDAQ:COIN) Shares Up 2.6% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 2.6% during trading on Monday after Oppenheimer raised their price target on the stock from $265.00 to $358.00. Oppenheimer currently has an outperform rating on the stock. Coinbase Global traded as high as $312.70 and last traded at $312.52. 5,616,410 shares were traded during trading, a decline of 50% from the average session volume of 11,147,453 shares. The stock had previously closed at $304.64.

Several other analysts have also commented on COIN. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Piper Sandler reiterated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $255.22.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 177,129 shares of company stock valued at $46,522,970 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the third quarter worth about $25,000. Crewe Advisors LLC lifted its holdings in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Coinbase Global in the second quarter worth about $29,000. Versant Capital Management Inc lifted its holdings in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Coinbase Global in the third quarter worth about $32,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

The stock has a market cap of $78.16 billion, a P/E ratio of 53.28 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business’s fifty day moving average price is $217.21 and its 200 day moving average price is $215.90.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. Sell-side analysts forecast that Coinbase Global, Inc. will post 4.27 EPS 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.