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

Key Points

• Coinbase Global's stock rose 1.6% following an upgrade from Wall Street Zen from a sell to a hold rating, with shares trading as high as $324.00.
• Several analysts have issued mixed ratings for Coinbase, with the average rating being a "Hold" and a consensus target price of $346.76.
• Insider sales have been significant, with the CEO selling 336,265 shares, resulting in a 99.84% decrease in their ownership stake.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price shot up 1.6% during trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $324.00 and last traded at $319.75. 6,414,870 shares traded hands during trading, a decline of 44% from the average session volume of 11,517,117 shares. The stock had previously closed at $314.69.

COIN has been the topic of a number of other research reports. Cantor Fitzgerald initiated coverage on Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 target price on the stock. The Goldman Sachs Group raised their price target on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. China Renaissance began coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Compass Point raised 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, May 12th. Finally, William Blair started coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating on the stock. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of "Hold" and a consensus target price of $346.76.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,183,340 shares of company stock valued at $434,983,956 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global during the 2nd quarter worth $30,000. City State Bank purchased a new stake in Coinbase Global during the second quarter worth about $33,000. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global during the fourth quarter worth about $25,000. Copia Wealth Management purchased a new position in Coinbase Global in the fourth quarter valued at about $26,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in Coinbase Global in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

The stock's 50-day moving average price is $327.63 and its 200-day moving average price is $259.38. The company has a market capitalization of $81.12 billion, a price-to-earnings ratio of 30.85, a P/E/G ratio of 21.92 and a beta of 3.70. 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 released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. As a group, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

About Coinbase Global

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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