Coinbase Global (NASDAQ:COIN) Stock Price Up 1.6% After Analyst Upgrade

Key Points

• Coinbase Global's stock price increased by 1.6% after Rothschild Redb upgraded it from a hold to a strong-buy rating, with shares trading last at $386.07.
• Despite the upgrade, Bank of America lowered its price target for Coinbase from $369.00 to $340.00, while other analysts gave a mix of ratings including buy and hold.
• Insider trades revealed that key executives sold a significant number of shares recently, with CFO Alesia J. Haas selling 4,675 shares and insider Paul Grewal selling 10,000 shares, marking declines in their positions.

Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 1.6% during trading on Monday after Rothschild Redb upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $392.85 and last traded at $386.07. 8,652,085 shares traded hands during trading, a decline of 22% from the average session volume of 11,115,296 shares. The stock had previously closed at $380.02.

Several other equities research analysts also recently weighed in on the stock. Bank of America decreased their price target on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Barclays upped their price target on Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. China Renaissance began coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Coinbase Global in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $367.27.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 4,675 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the sale, the chief financial officer owned 89,220 shares of the company's stock, valued at $28,750,252.80. The trade was a 4.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider owned 82,328 shares in the company, valued at approximately $25,070,522.56. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 714,515 shares of company stock valued at $272,046,775. Corporate insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Merit Financial Group LLC increased its position in shares of Coinbase Global by 50.2% during the first quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange's stock valued at $336,000 after buying an additional 651 shares during the period. LexAurum Advisors LLC increased its holdings in Coinbase Global by 9.1% during the 1st quarter. LexAurum Advisors LLC now owns 11,971 shares of the cryptocurrency exchange's stock worth $2,062,000 after acquiring an additional 996 shares during the period. Wedmont Private Capital lifted its stake in Coinbase Global by 78.8% in the 1st quarter. Wedmont Private Capital now owns 3,158 shares of the cryptocurrency exchange's stock worth $554,000 after purchasing an additional 1,392 shares in the last quarter. Miracle Mile Advisors LLC lifted its stake in Coinbase Global by 21.7% in the 1st quarter. Miracle Mile Advisors LLC now owns 1,765 shares of the cryptocurrency exchange's stock worth $304,000 after purchasing an additional 315 shares in the last quarter. Finally, KMG Fiduciary Partners LLC bought a new position in Coinbase Global in the 1st quarter valued at $1,803,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

The stock has a market capitalization of $99.20 billion, a PE ratio of 37.34 and a beta of 3.68. The business's 50-day moving average price is $323.62 and its 200 day moving average price is $282.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the business posted $0.14 EPS. The company's quarterly revenue was up 3.3% on a year-over-year basis. 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.

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