Coinbase Global (NASDAQ:COIN) Trading Up 1.6% on Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 1.6% during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $210.00 to $260.00. Jefferies Financial Group currently has a hold rating on the stock. Coinbase Global traded as high as $270.10 and last traded at $267.45. 2,750,637 shares were traded during trading, a decline of 73% from the average session volume of 10,171,827 shares. The stock had previously closed at $263.16.

Other research analysts also recently issued reports about the stock. Compass Point raised shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price objective on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. lowered their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Bank of America lowered their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Barclays raised their price objective on shares of Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Finally, Benchmark raised their price objective on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Eleven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $266.10.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 1,952 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $250.00, for a total transaction of $488,000.00. Following the completion of the transaction, the insider now owns 81,773 shares in the company, valued at approximately $20,443,250. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the transaction, the chief financial officer now owns 114,866 shares of the company’s stock, valued at approximately $22,973,200. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,786 shares of company stock worth $33,345,024 over the last 90 days. Company insiders own 17.65% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the company. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $27,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in Coinbase Global in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Trading Up 1.8%

The business’s fifty day moving average is $201.06 and its 200-day moving average is $246.42. The stock has a market capitalization of $68.02 billion, a PE ratio of 28.14 and a beta of 3.62. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) 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 company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. Coinbase Global’s revenue for the quarter was up 24.2% compared to the same quarter last year. As a group, analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.