Coinbase Global (NASDAQ:COIN) Stock Price Up 5.4% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) rose 5.4% during trading on Monday after Barclays raised their price target on the stock from $169.00 to $202.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $213.60 and last traded at $210.08. Approximately 5,828,110 shares traded hands during trading, a decline of 40% from the average daily volume of 9,644,702 shares. The stock had previously closed at $199.32.

COIN has been the subject of a number of other research reports. HC Wainwright reiterated a "buy" rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Oppenheimer lowered their price objective on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating on the stock in a research report on Friday. Bank of America lowered their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Sanford C. Bernstein upgraded shares of Coinbase Global to a "strong-buy" rating in a report on Tuesday, March 18th. Finally, Compass Point upgraded shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a report on Monday. Eleven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $268.05.

Insider Activity at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $3,074,056.70. This represents a 42.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the sale, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $144,786.76. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 153,742 shares of company stock worth $32,639,759. Insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Townsquare Capital LLC lifted its stake in shares of Coinbase Global by 28.0% in the first quarter. Townsquare Capital LLC now owns 6,792 shares of the cryptocurrency exchange's stock valued at $1,170,000 after buying an additional 1,484 shares in the last quarter. Sloy Dahl & Holst LLC lifted its position in shares of Coinbase Global by 53.0% during the first quarter. Sloy Dahl & Holst LLC now owns 94,091 shares of the cryptocurrency exchange's stock valued at $16,205,000 after purchasing an additional 32,598 shares in the last quarter. Savvy Advisors Inc. lifted its position in shares of Coinbase Global by 51.8% during the first quarter. Savvy Advisors Inc. now owns 3,351 shares of the cryptocurrency exchange's stock valued at $577,000 after purchasing an additional 1,144 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Coinbase Global by 8.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 166,843 shares of the cryptocurrency exchange's stock valued at $28,735,000 after purchasing an additional 12,495 shares in the last quarter. Finally, Accuvest Global Advisors bought a new position in shares of Coinbase Global during the first quarter valued at about $306,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The business's 50-day moving average is $187.38 and its two-hundred day moving average is $243.30. The company has a market capitalization of $53.47 billion, a P/E ratio of 22.11 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global's revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.53 EPS. As a group, 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.

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