Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 8.1% during trading 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 changed hands during trading, a decline of 23% from the average daily volume of 10,440,298 shares. The stock had previously closed at $307.59.
A number of other analysts also recently issued reports on the company. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Mizuho dropped their price objective on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. China Renaissance assumed coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Finally, Bank of America decreased their price target on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $291.06.
Check Out Our Latest Analysis on Coinbase Global
Insider Buying and Selling at Coinbase Global
In other news, CEO Brian Armstrong sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The shares were 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 directly owns 526 shares in the company, valued at approximately $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the completion of the transaction, the insider now directly owns 83,313 shares in the company, valued at $16,505,971.56. The trade was a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 212,915 shares of company stock worth $48,349,215 over the last 90 days. Corporate insiders own 17.65% of the company's stock.
Institutional Trading of Coinbase Global
A number of large investors have recently bought and sold shares of COIN. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global in the fourth quarter valued at about $25,000. Copia Wealth Management acquired a new position in Coinbase Global in the 4th quarter valued at about $26,000. Bessemer Group Inc. raised its stake in 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 last quarter. Atala Financial Inc purchased a new stake in Coinbase Global during the 4th quarter valued at approximately $27,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 68.84% of the company's stock.
Coinbase Global Stock Down 6.2%
The company has a market capitalization of $89.34 billion, a PE ratio of 66.05, a P/E/G ratio of 25.99 and a beta of 3.61. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The firm has a 50 day simple moving average of $246.10 and a two-hundred day simple moving average of $241.58.
Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. Coinbase Global's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.53 earnings per share. Research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.
About Coinbase Global
(
Get Free Report)
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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