Coinbase Global (NASDAQ:COIN) Reaches New 12-Month High Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares reached a new 52-week high on Wednesday 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 $369.28 and last traded at $354.46, with a volume of 10104882 shares traded. The stock had previously closed at $344.82.

A number of other equities analysts have also commented on the company. Piper Sandler increased their price target on Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Cantor Fitzgerald began coverage on Coinbase Global in a research note on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target for the company. JMP Securities reissued a "market outperform" rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Thursday, May 8th. Monness Crespi & Hardt upgraded Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price target on the stock in a research note on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods boosted their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of "Moderate Buy" and an average target price of $286.42.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $200.54, for a total value of $5,013,500.00. Following the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at $105,484.04. This represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director now owns 10,417 shares in the company, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,915 shares of company stock valued at $48,349,215. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. KCM Investment Advisors LLC purchased a new stake in Coinbase Global in the fourth quarter valued at $507,000. Kingswood Wealth Advisors LLC boosted its position in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after purchasing an additional 1,454 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Coinbase Global by 10.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after buying an additional 232 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in shares of Coinbase Global by 87.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock valued at $578,000 after acquiring an additional 1,561 shares during the period. Finally, Sowell Financial Services LLC purchased a new position in shares of Coinbase Global during the first quarter worth approximately $243,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Up 2.4%

The business's fifty day moving average price is $238.44 and its 200 day moving average price is $240.34. The firm has a market capitalization of $89.62 billion, a price-to-earnings ratio of 66.37, a PEG ratio of 22.50 and a beta of 3.62. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS 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 analysts' expectations of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. Coinbase Global's quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.53 earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 7.22 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.

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