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

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened on Tuesday after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $207.22, but opened at $231.71. Monness Crespi & Hardt now has a $300.00 price target on the stock. Coinbase Global shares last traded at $241.32, with a volume of 4,397,419 shares changing hands.

Several other analysts have also commented on the stock. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target for the company in a research report on Monday. HC Wainwright reissued a "buy" rating and set a $350.00 price target on shares of Coinbase Global in a research report on Friday, February 21st. Oppenheimer cut their price objective on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Citigroup restated a "neutral" rating on shares of Coinbase Global in a report on Thursday, May 8th. Finally, The Goldman Sachs Group upped 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. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $262.75.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,764 shares of company stock worth $35,671,592. Corporate insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock valued at $882,822,000 after purchasing an additional 127,075 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment lifted its holdings in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Finally, Norges Bank purchased a new position in Coinbase Global in the 4th quarter valued at $536,484,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 5.6%

The business has a fifty day simple moving average of $190.16 and a two-hundred day simple moving average of $243.74. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market cap of $65.52 billion, a PE ratio of 27.22 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the business earned $2.53 earnings per share. The firm's revenue was up 24.2% compared to the same quarter last year. As a group, equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share 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.