Coinbase Global (NASDAQ:COIN) Shares Up 5.3% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 5.3% during mid-day 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 changed 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 equities research analysts have also issued reports about the company. Oppenheimer lifted their price target on Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup boosted their target price on shares of Coinbase Global from $90.00 to $151.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Needham & Company LLC increased their price target on shares of Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, January 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Coinbase Global from $160.00 to $230.00 and gave the company a “market perform” rating in a research note on Wednesday, April 3rd. Finally, TheStreet raised shares of Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $165.43.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 81,530 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $121.29, for a total value of $9,888,773.70. Following the completion of the sale, the director now directly owns 120,214 shares of the company’s stock, valued at $14,580,756.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $121.02, for a total value of $1,210,200.00. Following the completion of the sale, the insider now owns 61,665 shares in the company, valued at $7,462,698.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 81,530 shares of Coinbase Global stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $121.29, for a total value of $9,888,773.70. Following the sale, the director now directly owns 120,214 shares in the company, valued at $14,580,756.06. The disclosure for this sale can be found here. Insiders have sold a total of 590,978 shares of company stock valued at $103,440,000 in the last three months. Company insiders own 33.16% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently modified their holdings of the company. Barrett & Company Inc. bought a new position in Coinbase Global in the fourth quarter worth $26,000. Ancora Advisors LLC raised its stake in shares of Coinbase Global by 144.0% in the 4th quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock valued at $26,000 after buying an additional 435 shares in the last quarter. Creekmur Asset Management LLC bought a new position in shares of Coinbase Global during the 4th quarter worth about $27,000. Tyler Stone Wealth Management acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at about $31,000. Finally, Mather Group LLC. acquired a new stake in shares of Coinbase Global during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock 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 firm has a market cap of $53.44 billion, a P/E ratio of 830.74 and a beta of 3.41. The stock’s 50 day moving average is $221.60 and its two-hundred day moving average is $154.18.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. During the same period in the previous year, the business earned ($2.46) earnings per share. The company’s quarterly revenue was up 51.6% on a year-over-year basis. As a group, equities analysts predict 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.