Coinbase Global (NASDAQ:COIN) Shares Gap Up on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price gapped up prior to trading on Friday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. The stock had previously closed at $218.08, but opened at $223.83. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global shares last traded at $225.49, with a volume of 1,692,387 shares changing hands.

Several other research analysts have also commented on the stock. Canaccord Genuity Group reiterated a "buy" rating and set a $240.00 price objective on shares of Coinbase Global in a research note on Thursday, March 28th. JMP Securities reissued a "market outperform" rating on shares of Coinbase Global in a research report on Friday, March 22nd. Needham & Company LLC boosted their target price on shares of Coinbase Global from $160.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, January 8th. HC Wainwright boosted their target price on shares of Coinbase Global from $115.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, February 16th. Finally, Barclays boosted their target price on shares of Coinbase Global from $146.00 to $179.00 and gave the stock an "underweight" rating in a research report on Monday, April 8th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and a consensus price target of $165.43.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the sale, the chief financial officer now directly owns 219,490 shares of the company's stock, valued at $50,142,490.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the company's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $213.99, for a total transaction of $3,505,156.20. Following the completion of the transaction, the director now directly owns 4,662 shares in the company, valued at $997,621.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 64,000 shares of the company's stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the transaction, the chief financial officer now owns 219,490 shares of the company's stock, valued at $50,142,490.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 607,358 shares of company stock valued at $106,945,156. Corporate insiders own 33.16% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the stock. Fountainhead AM LLC raised its position in shares of Coinbase Global by 2.1% in the fourth quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange's stock valued at $688,000 after buying an additional 81 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Coinbase Global by 0.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange's stock valued at $2,561,000 after buying an additional 81 shares during the last quarter. Arkadios Wealth Advisors raised its position in shares of Coinbase Global by 2.6% in the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange's stock valued at $590,000 after buying an additional 86 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Coinbase Global by 2.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange's stock valued at $669,000 after buying an additional 90 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Coinbase Global by 34.5% in the fourth quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange's stock valued at $61,000 after purchasing an additional 90 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The stock's fifty day moving average is $224.69 and its 200-day moving average is $155.57. The stock has a market cap of $51.12 billion, a PE ratio of 781.52 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The firm had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. During the same quarter in the prior year, the firm posted ($2.46) earnings per share. Coinbase Global's quarterly revenue was up 51.6% on a year-over-year basis. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 2.43 EPS for the current 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.