Coinbase Global (NASDAQ:COIN) Stock Price Up 5.3% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was up 5.3% during trading on Thursday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global traded as high as $226.39 and last traded at $225.07. Approximately 3,745,176 shares traded hands during trading, a decline of 73% from the average daily volume of 13,902,937 shares. The stock had previously closed at $213.78.

Other research analysts have also recently issued research reports about the company. HC Wainwright upped their price target on Coinbase Global from $115.00 to $250.00 and gave the company a "buy" rating in a report on Friday, February 16th. JMP Securities reaffirmed a "market outperform" rating on shares of Coinbase Global in a report on Friday, March 22nd. Mizuho boosted their target price on shares of Coinbase Global from $84.00 to $145.00 and gave the company an "underperform" rating in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, March 15th. Finally, Needham & Company LLC boosted their target price on shares of Coinbase Global from $160.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $165.43.

Insider Activity

In other news, CFO Alesia J. Haas sold 64,000 shares of the firm's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total value 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 document filed with the SEC, which is available at the SEC website. In related news, CFO Alesia J. Haas sold 4,750 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $225.35, for a total value of $1,070,412.50. Following the completion of the sale, the chief financial officer now owns 196,740 shares in the company, valued at $44,335,359. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 219,490 shares of the company's stock, valued at approximately $50,142,490.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 590,978 shares of company stock valued at $103,440,000. 33.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Coinbase Global by 9.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,095 shares of the cryptocurrency exchange's stock valued at $1,881,000 after buying an additional 591 shares during the period. Pettinga Financial Advisors LLC bought a new position in Coinbase Global during the first quarter worth about $337,000. Fiduciary Alliance LLC bought a new position in Coinbase Global during the first quarter worth about $1,036,000. Founders Financial Securities LLC bought a new position in Coinbase Global during the first quarter worth about $223,000. Finally, Hennessy Advisors Inc. bought a new position in Coinbase Global during the first quarter worth about $1,591,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Up 2.0 %

The stock has a market cap of $52.83 billion, a P/E ratio of 810.07 and a beta of 3.41. 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 business's 50 day simple moving average is $221.60 and its 200 day simple moving average is $154.18.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million during the quarter, compared to analysts' expectations of $826.10 million. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company's revenue for the quarter was up 51.6% compared to the same quarter last year. During the same quarter last year, the company earned ($2.46) earnings per share. On average, analysts expect that Coinbase Global, Inc. will post 2.43 earnings per share 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.