Coinbase Global (NASDAQ:COIN) Stock Price Up 3% Following Analyst Upgrade

Key Points

• Coinbase Global's stock rose 3% after Jefferies Financial Group upgraded its price target from $260 to $405, although they maintain a hold rating on the stock.
• Insider trading activity includes the sale of 198,300 shares by CEO Brian Armstrong at an average price of $397.87, significantly decreasing his ownership share in the company.
• Analysts currently show a consensus rating of "Hold" for Coinbase Global, with a consensus target price around $336.58.

Coinbase Global, Inc. (NASDAQ:COIN)'s share price shot up 3% during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $270.00 to $400.00. Needham & Company LLC currently has a buy rating on the stock. Coinbase Global traded as high as $386.58 and last traded at $382.72. 4,510,458 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 11,366,093 shares. The stock had previously closed at $371.44.

Several other equities research analysts have also recently weighed in on COIN. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a research report on Monday, May 12th. HC Wainwright reaffirmed a "sell" rating and set a $300.00 price objective (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday, July 10th. Barclays upped their price objective on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Argus began coverage on shares of Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 price objective for the company. Finally, William Blair began coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Coinbase Global has a consensus rating of "Hold" and an average target price of $344.55.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value 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 $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,208,340 shares of company stock valued at $439,997,456 in the last ninety days. 17.65% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $26,000. Bessemer Group Inc. increased its position in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after purchasing an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the 1st quarter valued at approximately $30,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global in the 2nd quarter valued at about $30,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

The company has a market capitalization of $81.88 billion, a price-to-earnings ratio of 60.18, a P/E/G ratio of 26.30 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The business has a 50 day moving average price of $326.60 and a 200-day moving average price of $259.23.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $5.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $4.23. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm's revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal 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.