Coinbase Global (NASDAQ:COIN) Trading Up 3.3% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded up 3.3% on Monday after Piper Sandler raised their price target on the stock from $190.00 to $350.00. Piper Sandler currently has a neutral rating on the stock. Coinbase Global traded as high as $433.80 and last traded at $433.62. 5,714,115 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 11,361,466 shares. The stock had previously closed at $419.78.

A number of other equities research analysts also recently weighed in on COIN. Oppenheimer raised their price target on Coinbase Global from $395.00 to $417.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. JMP Securities increased their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a report on Monday, July 14th. Monness Crespi & Hardt raised Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price on the stock in a report on Tuesday, May 13th. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Finally, Cantor Fitzgerald started coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $320.06.

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 transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,245,915 shares of company stock worth $447,462,456 in the last ninety days. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently modified their holdings of COIN. Norges Bank acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $372,450,000. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Nuveen LLC bought a new position in shares of Coinbase Global in the 1st quarter valued at $83,454,000. Finally, Amundi lifted its stake in shares of Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Up 3.5%

The company has a market capitalization of $110.29 billion, a P/E ratio of 81.20, a PEG ratio of 32.00 and a beta of 3.70. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $302.29 and a 200 day moving average price of $251.26.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.53 earnings per share. On average, research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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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