JPMorgan Chase & Co. Upgrades Coinbase Global (NASDAQ:COIN) to Overweight

Key Points

• JPMorgan Chase & Co. upgraded Coinbase Global from a "neutral" to an "overweight" rating, raising the price target from $342 to $404, indicating a potential upside of 25.17%.
• Despite the upgrade, analysts have mixed views; Barclays downgraded their price objective to $361, while BTIG Research initiated coverage with a "buy" rating and a price target of $410.
• Coinbase's recent quarterly earnings report showed an EPS of $0.12, missing estimates, with revenue of $1.50 billion, up 3.3% year-over-year.

Coinbase Global (NASDAQ:COIN) was upgraded by equities research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Friday,Benzinga reports. The firm currently has a $404.00 price target on the cryptocurrency exchange's stock, up from their prior price target of $342.00. JPMorgan Chase & Co.'s price target suggests a potential upside of 25.17% from the stock's previous close.

A number of other analysts also recently commented on COIN. Barclays dropped their price objective on Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 8th. BTIG Research began coverage on Coinbase Global in a research note on Wednesday, October 1st. They issued a "buy" rating and a $410.00 price objective on the stock. Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Rosenblatt Securities reissued a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Compass Point boosted their price objective on Coinbase Global from $248.00 to $277.00 and gave the stock a "sell" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Coinbase Global presently has an average rating of "Moderate Buy" and an average target price of $383.36.

Coinbase Global Trading Up 0.8%

Shares of COIN stock opened at $322.76 on Friday. 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 has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a fifty day moving average of $328.89 and a two-hundred day moving average of $297.17. The firm has a market capitalization of $82.93 billion, a PE ratio of 31.21 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. As a group, research analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity

In other news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Coinbase Global by 25.5% in the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange's stock valued at $8,484,964,000 after purchasing an additional 4,914,407 shares in the last quarter. Geode Capital Management LLC grew its stake in Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock valued at $1,940,805,000 after purchasing an additional 1,755,146 shares in the last quarter. ARK Investment Management LLC grew its stake in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment grew its stake in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Finally, Norges Bank purchased a new position in Coinbase Global in the second quarter valued at about $1,044,354,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

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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