Coinbase Global (NASDAQ:COIN) Sets New 12-Month High After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) hit a new 52-week high on Thursday after Barclays raised their price target on the stock from $202.00 to $359.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $383.86 and last traded at $384.00, with a volume of 9913741 shares. The stock had previously closed at $373.85.

COIN has been the topic of a number of other research reports. HC Wainwright reaffirmed a "sell" rating and issued a $300.00 target price (down previously from $305.00) on shares of Coinbase Global in a report on Thursday. Sanford C. Bernstein raised their target price on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Piper Sandler raised 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $300.00 target price on shares of Coinbase Global in a report on Monday, June 16th. Finally, JPMorgan Chase & Co. reduced their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $298.60.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the transaction, the chief financial officer directly owned 97,366 shares in the company, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 685,915 shares of company stock valued at $222,081,432 in the last three months. Corporate insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. Norges Bank bought a new position in shares of Coinbase Global during the 4th quarter worth $536,484,000. Groupama Asset Managment grew its stake in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the period. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Nuveen LLC bought a new position in shares of Coinbase Global in the first quarter worth $83,454,000. Finally, Amundi boosted its holdings in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 0.5%

The stock has a fifty day moving average price of $278.42 and a 200 day moving average price of $245.80. 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 stock has a market capitalization of $98.27 billion, a P/E ratio of 72.48, a price-to-earnings-growth ratio of 27.35 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly 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). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the business earned $2.53 earnings per share. Coinbase Global's revenue was up 24.2% on a year-over-year basis. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current 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.