Coinbase Global (NASDAQ:COIN) Trading Up 4.6% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price shot up 4.6% on Friday after Rosenblatt Securities raised their price target on the stock from $300.00 to $470.00. Rosenblatt Securities currently has a buy rating on the stock. Coinbase Global traded as high as $444.65 and last traded at $429.71. 12,238,534 shares changed hands during trading, an increase of 11% from the average session volume of 11,013,807 shares. The stock had previously closed at $410.75.

Several other research firms have also commented on COIN. Citigroup reissued an "outperform" rating on shares of Coinbase Global in a research note on Monday, July 14th. Needham & Company LLC decreased their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. Piper Sandler lifted their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, William Blair began coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $313.10.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the transaction, the chief financial officer directly owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,245,915 shares of company stock worth $447,462,456 in the last 90 days. 17.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cadent Capital Advisors LLC grew its stake in Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after acquiring an additional 30 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in Coinbase Global by 4.2% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock valued at $356,000 after acquiring an additional 41 shares during the last quarter. Pallas Capital Advisors LLC grew its stake in Coinbase Global by 1.6% in the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after acquiring an additional 41 shares during the last quarter. IPG Investment Advisors LLC grew its stake in Coinbase Global by 2.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock valued at $561,000 after acquiring an additional 45 shares during the last quarter. Finally, Clare Market Investments LLC grew its stake in Coinbase Global by 1.8% in the 2nd quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock valued at $894,000 after acquiring an additional 45 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

The stock has a market capitalization of $106.57 billion, a price-to-earnings ratio of 78.61, a PEG ratio of 31.31 and a beta of 3.70. The stock's 50 day moving average is $302.29 and its 200 day moving average is $251.28. 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 data 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). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the previous year, the company earned $2.53 earnings per share. The company's revenue was up 24.2% on a year-over-year basis. On average, analysts predict 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.