Coinbase Global (NASDAQ:COIN) Shares Up 9.8% on Analyst Upgrade

Key Points

• Coinbase Global's shares rose 9.8% following an upgrade from JPMorgan Chase & Co., which increased its price target from $342.00 to $404.00.
• Insider trading activity saw significant sales, with executives selling a total of 205,657 shares valued at over $67 million in the last quarter.
• Overall, analyst ratings currently reflect a consensus of "Moderate Buy" with an average price target of $384.12.

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded up 9.8% during mid-day trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $404.00 price target on the stock, up from their previous price target of $342.00. Coinbase Global traded as high as $356.88 and last traded at $354.46. 13,819,699 shares were traded during mid-day trading, an increase of 26% from the average session volume of 10,995,856 shares. The stock had previously closed at $322.76.

Several other research analysts have also recently issued reports on the stock. Erste Group Bank assumed coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Jefferies Financial Group raised their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Argus began coverage on shares of Coinbase Global in a report on Monday, July 14th. They issued a "buy" rating and a $400.00 target price on the stock. BTIG Research began coverage on shares of Coinbase Global in a report on Wednesday, October 1st. They issued a "buy" rating and a $410.00 price target on the stock. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $384.12.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares of the company's stock, valued at approximately $148,834.86. The trade was a 92.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock valued at $67,479,576 in the last quarter. 17.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently bought and sold shares of COIN. Vanguard Group Inc. raised its position in Coinbase Global by 25.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange's stock worth $8,484,964,000 after buying an additional 4,914,407 shares during the last quarter. Norges Bank purchased a new position in Coinbase Global in the 2nd quarter worth about $1,044,354,000. Geode Capital Management LLC increased its position in shares of Coinbase Global by 46.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock valued at $1,940,805,000 after purchasing an additional 1,755,146 shares during the last quarter. Groupama Asset Managment increased its position 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 valued at $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Coinbase Global by 53.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange's stock valued at $510,284,000 after purchasing an additional 504,068 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 9.8%

The stock has a market cap of $91.07 billion, a PE ratio of 34.28 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company's 50-day moving average price is $328.89 and its 200 day moving average price is $297.17.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the company earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal 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.

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