Coinbase Global (NASDAQ:COIN) Stock Price Up 2.2% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 2.2% on Monday after Barclays raised their price target on the stock from $179.00 to $204.00. Barclays currently has an underweight rating on the stock. Coinbase Global traded as high as $235.80 and last traded at $228.12. Approximately 4,799,143 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 13,230,439 shares. The stock had previously closed at $223.25.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC dropped their price target on Coinbase Global from $275.00 to $260.00 and set a "buy" rating on the stock in a report on Friday. Piper Sandler boosted their price objective on Coinbase Global from $225.00 to $245.00 and gave the stock a "neutral" rating in a report on Friday, April 12th. Raymond James upgraded shares of Coinbase Global from an "underperform" rating to a "market perform" rating in a report on Tuesday, March 12th. Oppenheimer boosted their price target on shares of Coinbase Global from $276.00 to $282.00 and gave the company an "outperform" rating in a report on Friday. Finally, TheStreet upgraded shares of Coinbase Global from a "d" rating to a "c-" rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of "Hold" and an average price target of $193.85.

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the firm's stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the sale, the director now directly owns 4,662 shares of the company's stock, valued at $558,181.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the completion of the transaction, the director now directly owns 4,662 shares in the company, valued at approximately $558,181.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $147.03, for a total transaction of $3,392,717.25. The disclosure for this sale can be found here. Insiders have sold 420,597 shares of company stock worth $86,053,862 in the last quarter. 33.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in COIN. ORG Partners LLC bought a new position in shares of Coinbase Global during the first quarter valued at $46,000. Geneos Wealth Management Inc. grew its stake in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange's stock worth $30,000 after buying an additional 100 shares during the last quarter. Team Hewins LLC bought a new stake in Coinbase Global during the first quarter worth about $202,000. RIA Advisory Group LLC acquired a new position in shares of Coinbase Global in the 1st quarter worth approximately $299,000. Finally, Larson Financial Group LLC grew its position in Coinbase Global by 34.8% during the 1st quarter. Larson Financial Group LLC now owns 473 shares of the cryptocurrency exchange's stock worth $125,000 after acquiring an additional 122 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

The stock has a fifty day moving average of $236.37 and a two-hundred day moving average of $167.06. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $54.98 billion, a price-to-earnings ratio of 45.30 and a beta of 3.46.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm's quarterly revenue was up 51.6% compared to the same quarter last year. During the same period last year, the company posted ($2.46) earnings per share. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 2.71 earnings per share 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.