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

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was up 1.6% on Tuesday after Jefferies Financial Group raised their price target on the stock from $210.00 to $260.00. Jefferies Financial Group currently has a hold rating on the stock. Coinbase Global traded as high as $270.10 and last traded at $267.45. Approximately 2,750,637 shares were traded during trading, a decline of 73% from the average daily volume of 10,171,827 shares. The stock had previously closed at $263.16.

COIN has been the topic of several other reports. Mizuho dropped their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. The Goldman Sachs Group boosted their target price on shares of Coinbase Global from $189.00 to $209.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. Oppenheimer set a $293.00 target price on shares of Coinbase Global in a research note on Thursday, May 15th. Finally, Cantor Fitzgerald began coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus target price of $266.10.

Insider Activity

In related news, insider Paul Grewal sold 1,952 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $250.00, for a total value of $488,000.00. Following the completion of the sale, the insider now owns 81,773 shares of the company's stock, valued at approximately $20,443,250. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at $22,973,200. This represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,786 shares of company stock worth $33,345,024 over the last three months. Insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Savant Capital LLC purchased a new position in Coinbase Global during the fourth quarter worth about $591,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Coinbase Global by 33.4% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange's stock valued at $25,729,000 after purchasing an additional 25,972 shares in the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Coinbase Global by 198.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 13,614 shares of the cryptocurrency exchange's stock valued at $3,380,000 after purchasing an additional 9,045 shares in the last quarter. KCM Investment Advisors LLC acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $507,000. Finally, Western Financial Corp CA acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $459,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

The stock's fifty day moving average price is $201.06 and its two-hundred day moving average price is $246.42. The firm has a market capitalization of $68.02 billion, a price-to-earnings ratio of 28.14 and a beta of 3.62. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

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 analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the business posted $2.53 earnings per share. Coinbase Global's revenue for the quarter was up 24.2% compared to the same quarter last year. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.