Coinbase Global (NASDAQ:COIN) Trading 9.1% Higher on Analyst Upgrade

Key Points

• Coinbase shares jumped 9.1% after Rothschild & Co Redburn raised its price target to $263 from $254 and reiterated a buy rating.
• Analyst sentiment remains mixed overall: while several firms still have buy ratings, the stock’s consensus rating is Hold with an average price target of $252.20.
• Recent insider and institutional activity also stood out, including CFO Alesia J. Haas selling 10,020 shares in a pre-arranged plan, while hedge funds have generally been increasing their Coinbase positions.

Coinbase Global, Inc. (NASDAQ:COIN) was up 9.1% during trading on Thursday after Rothschild & Co Redburn raised their price target on the stock from $254.00 to $263.00. Rothschild & Co Redburn currently has a buy rating on the stock. Coinbase Global traded as high as $220.30 and last traded at $220.1530. Approximately 7,213,250 shares changed hands during trading, a decline of 38% from the average daily volume of 11,582,808 shares. The stock had previously closed at $201.80.

A number of other brokerages have also weighed in on COIN. UBS Group set a $264.00 target price on Coinbase Global in a research note on Friday, February 13th. Robert W. Baird reduced their price target on Coinbase Global from $200.00 to $160.00 and set a "neutral" rating on the stock in a research report on Friday, May 8th. HC Wainwright reduced their price target on Coinbase Global from $350.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Citigroup reduced their price target on Coinbase Global from $505.00 to $400.00 and set a "buy" rating on the stock in a research report on Friday, February 6th. Finally, BTIG Research reduced their price target on Coinbase Global from $340.00 to $280.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Nineteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $252.20.

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the firm's stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the sale, the chief financial officer owned 377,201 shares of the company's stock, valued at $75,440,200. This trade represents a 2.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 29,990 shares of company stock valued at $6,013,920. Company insiders own 16.66% of the company's stock.

Coinbase Global News Summary

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Rothschild & Co Redburn raised its price target on Coinbase to $263 from $254 and reiterated a buy rating, signaling confidence in further upside from current levels. Article: Rothschild & Co Redburn adjusts PT on Coinbase Global to 263 from 254, maintains buy rating
• Positive Sentiment: Coinbase CEO Brian Armstrong has strongly backed the CLARITY Act ahead of Senate markup, arguing that clearer U.S. crypto rules could help banks and companies build faster, cheaper financial products and expand the market for Coinbase’s services. Article: Coinbase CEO Says American Companies Can Finally Start To Build If CLARITY Act Advances
• Positive Sentiment: Reports that Jane Street added to its Coinbase position suggest some institutional investors are rotating toward crypto-related exposure, which can support sentiment in the stock. Article: Jane Street Pivots Away from Bitcoin ETFs, Pours $82M into Ethereum Holdings

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its position in Coinbase Global by 24.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock worth $365,000 after purchasing an additional 413 shares during the last quarter. Empowered Funds LLC boosted its stake in Coinbase Global by 25.8% during the 1st quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock valued at $1,478,000 after purchasing an additional 1,761 shares during the last quarter. Focus Partners Wealth boosted its stake in Coinbase Global by 9.9% during the 1st quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange's stock valued at $896,000 after purchasing an additional 467 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Coinbase Global during the 2nd quarter valued at about $285,000. Finally, Cerity Partners LLC boosted its stake in shares of Coinbase Global by 8.6% in the 2nd quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange's stock worth $6,203,000 after buying an additional 1,402 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

The business has a 50 day moving average price of $191.07 and a two-hundred day moving average price of $223.41. The stock has a market cap of $58.46 billion, a PE ratio of 82.96, a P/E/G ratio of 7.43 and a beta of 3.38. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.06% and a net margin of 12.20%.The company's revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. Research analysts expect that Coinbase Global, Inc. will post 1.78 earnings per share for the current fiscal year.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.