Coinbase Global (NASDAQ:COIN) Upgraded to Neutral by Bank of America

Bank of America upgraded shares of Coinbase Global (NASDAQ:COIN) from an underperform rating to a neutral rating in a report issued on Friday, Marketbeat Ratings reports. The firm currently has $217.00 price target on the cryptocurrency exchange's stock, up from their prior price target of $110.00.

A number of other brokerages also recently commented on COIN. Needham & Company LLC reduced their price target on Coinbase Global from $275.00 to $260.00 and set a buy rating for the company in a report on Friday, May 3rd. Wedbush increased their price target on Coinbase Global from $200.00 to $250.00 and gave the company an outperform rating in a report on Friday, May 3rd. Oppenheimer increased their price target on Coinbase Global from $276.00 to $282.00 and gave the company an outperform rating in a report on Friday, May 3rd. TheStreet raised Coinbase Global from a d rating to a c- rating in a report on Friday, February 16th. Finally, Sanford C. Bernstein increased their target price on Coinbase Global from $80.00 to $200.00 and gave the stock a market perform rating in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $214.67.

Coinbase Global Stock Up 4.2 %

Shares of COIN stock traded up $8.43 during trading hours on Friday, reaching $207.60. The company had a trading volume of 8,669,424 shares, compared to its average volume of 12,753,253. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. Coinbase Global has a twelve month low of $46.43 and a twelve month high of $283.48. The company has a market capitalization of $50.98 billion, a P/E ratio of 41.92 and a beta of 3.46. The stock's fifty day simple moving average is $235.47 and its 200 day simple moving average is $174.15.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. Coinbase Global's revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($2.46) earnings per share. As a group, sell-side analysts expect that Coinbase Global will post 5.01 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the completion of the transaction, the insider now owns 66,122 shares of the company's stock, valued at approximately $18,223,223.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of Coinbase Global stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $275.60, for a total value of $2,826,829.20. Following the transaction, the insider now directly owns 66,122 shares of the company's stock, valued at approximately $18,223,223.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total value of $293,850.00. Following the completion of the sale, the chief operating officer now directly owns 204,436 shares of the company's stock, valued at $40,049,012.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 470,563 shares of company stock worth $104,873,137. 33.16% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted its holdings in Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange's stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares in the last quarter. Norges Bank bought a new stake in Coinbase Global in the fourth quarter valued at $202,936,000. a16z Perennial Management L.P. bought a new stake in Coinbase Global in the fourth quarter valued at $147,646,000. Morgan Stanley raised its stake in Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange's stock worth $246,250,000 after acquiring an additional 511,397 shares in the last quarter. Finally, Hamilton Lane Advisors LLC bought a new position in shares of Coinbase Global during the fourth quarter valued at $88,015,000. 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.