Coinbase Global, Inc. (NASDAQ:COIN) was up 8.1% 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 were traded during mid-day trading, a decline of 23% from the average daily volume of 10,440,298 shares. The stock had previously closed at $307.59.
Other analysts also recently issued research reports about the stock. Jefferies Financial Group reissued a "hold" rating and set a $260.00 target price (up previously from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. Monness Crespi & Hardt upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price objective for the company in a research note on Tuesday, May 13th. Oppenheimer set a $293.00 target price on Coinbase Global in a research report on Thursday, May 15th. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.42.
Check Out Our Latest Report on Coinbase Global
Insider Activity at Coinbase Global
In related news, CEO Brian Armstrong sold 15,000 shares of the firm's 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 1,952 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $280.02, for a total value of $546,599.04. Following the completion of the transaction, the insider now owns 82,328 shares in the company, valued at $23,053,486.56. This trade represents a 2.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 212,915 shares of company stock valued at $48,349,215 over the last three months. 23.43% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Coinbase Global
A number of large investors have recently modified their holdings of the business. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $25,000. Copia Wealth Management purchased a new position in Coinbase Global in the fourth quarter valued at about $26,000. Bessemer Group Inc. lifted its position in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares during the period. Atala Financial Inc purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global in the 1st quarter worth approximately $30,000. 68.84% of the stock is owned by hedge funds and other institutional investors.
Coinbase Global Stock Up 3.1%
The firm has a 50 day moving average of $238.44 and a two-hundred day moving average of $240.34. The stock has a market capitalization of $90.22 billion, a PE ratio of 66.55, a P/E/G 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 quarterly earnings results 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). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the prior year, the business earned $2.53 EPS. The company's quarterly revenue was up 24.2% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.
About Coinbase Global
(
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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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