Coinbase Global (NASDAQ:COIN) Rating Increased to Buy at Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research note published on Tuesday, Marketbeat.com reports. They currently have $300.00 price objective on the cryptocurrency exchange's stock.

COIN has been the subject of a number of other reports. Bank of America reduced their price target on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target for the company. Benchmark initiated coverage on shares of Coinbase Global in a research report on Wednesday, April 23rd. They set a "buy" rating and a $252.00 price target for the company. Oppenheimer reduced their price target on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, Rosenblatt Securities restated a "buy" rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $265.20.

Coinbase Global Stock Performance

Coinbase Global stock traded up $22.02 during mid-day trading on Tuesday, reaching $266.46. The company's stock had a trading volume of 72,432,540 shares, compared to its average volume of 10,164,985. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The company has a market capitalization of $67.65 billion, a P/E ratio of 28.05 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm's fifty day moving average price is $190.16 and its two-hundred day moving average price is $243.74.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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 business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The firm's quarterly revenue was up 24.2% on a year-over-year basis. Sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares of the company's stock, valued at approximately $17,656,524.09. This trade represents a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company's stock, valued at $104,226.90. This represents a 95.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,764 shares of company stock valued at $35,671,592. Insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC increased its stake in shares of Coinbase Global by 25.8% during the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock valued at $1,478,000 after purchasing an additional 1,761 shares in the last quarter. Arete Wealth Advisors LLC increased its stake in shares of Coinbase Global by 38.8% during the first quarter. Arete Wealth Advisors LLC now owns 8,670 shares of the cryptocurrency exchange's stock valued at $1,493,000 after purchasing an additional 2,423 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its stake in shares of Coinbase Global by 1.1% during the first quarter. Signature Estate & Investment Advisors LLC now owns 6,215 shares of the cryptocurrency exchange's stock valued at $1,070,000 after purchasing an additional 70 shares in the last quarter. CTC Alternative Strategies Ltd. increased its stake in shares of Coinbase Global by 15.6% during the first quarter. CTC Alternative Strategies Ltd. now owns 4,320 shares of the cryptocurrency exchange's stock valued at $744,000 after purchasing an additional 583 shares in the last quarter. Finally, Tamar Securities LLC increased its stake in shares of Coinbase Global by 31.6% during the first quarter. Tamar Securities LLC now owns 1,656 shares of the cryptocurrency exchange's stock valued at $285,000 after purchasing an additional 398 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

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.