Coinbase Global (NASDAQ:COIN) Trading Up 8.1% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 8.1% during mid-day trading on Tuesday after Sanford C. Bernstein raised their price target on the stock from $310.00 to $510.00. Sanford C. Bernstein currently has an outperform rating on the stock. Coinbase Global traded as high as $334.25 and last traded at $332.55. Approximately 7,989,025 shares traded hands during trading, a decline of 23% from the average daily volume of 10,440,298 shares. The stock had previously closed at $307.59.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group increased their price objective on shares of Coinbase Global from $189.00 to $209.00 and gave the company a “neutral” rating in a report on Monday, May 12th. Mizuho decreased their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. William Blair assumed coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an “outperform” rating on the stock. JMP Securities reissued a “market outperform” rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Thursday, May 8th. Finally, Citigroup reissued a “neutral” rating on shares of Coinbase Global in a research note on Thursday, May 8th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $286.42.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 212,915 shares of company stock worth $48,349,215. Insiders own 17.65% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently made changes to their positions in COIN. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $26,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $27,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $35,000. Finally, Brooklands Fund Management Ltd acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $37,245,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Up 3.1%

The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a market cap of $90.22 billion, a price-to-earnings ratio of 66.55, a PEG ratio of 25.22 and a beta of 3.61. The business’s fifty day moving average is $242.10 and its two-hundred day moving average is $241.14.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.53 EPS. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Coinbase Global Company Profile

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.