Coinbase Global (NASDAQ:COIN) Sets New 1-Year High Following Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) reached a new 52-week high during mid-day trading 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 changing hands. The stock had previously closed at $344.82.

Several other research firms have also issued reports on COIN. Piper Sandler upped their target price on Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC reduced their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a report on Monday, May 12th. Jefferies Financial Group reissued a "hold" rating and set a $260.00 price objective (up from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Bank of America reduced their price objective on Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Finally, Keefe, Bruyette & Woods increased their price objective on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus target price of $291.06.

Insiders Place Their Bets

In related news, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now owns 107,291 shares in the company, valued at approximately $21,458,200. This trade represents a 6.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 113,735 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $363.15, for a total value of $41,302,865.25. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $191,016.90. This trade represents a 99.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 665,915 shares of company stock worth $212,665,732 over the last 90 days. Corporate insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in COIN. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global during the fourth quarter valued at about $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global in the fourth quarter worth about $26,000. Bessemer Group Inc. grew its stake in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the last quarter. Atala Financial Inc bought a new stake in shares of Coinbase Global in the fourth quarter worth about $27,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Coinbase Global in the first quarter worth about $30,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 5.8%

The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The company has a market capitalization of $89.73 billion, a P/E ratio of 66.19, a PEG ratio of 27.43 and a beta of 3.61. The company has a 50 day moving average of $249.67 and a 200-day moving average of $241.93.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.53 earnings per share. As a group, equities analysts anticipate 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.