Coinbase Global (NASDAQ:COIN) Upgraded to “Equal Weight” by Barclays

Barclays upgraded shares of Coinbase Global (NASDAQ:COIN) from an underweight rating to an equal weight rating in a report issued on Friday morning, MarketBeat.com reports. The brokerage currently has $169.00 target price on the cryptocurrency exchange’s stock, down from their previous target price of $206.00.

COIN has been the topic of several other research reports. Bank of America dropped their target price on Coinbase Global from $263.00 to $246.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Citigroup raised Coinbase Global from a neutral rating to a buy rating and increased their price objective for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. HC Wainwright cut their target price on Coinbase Global from $315.00 to $295.00 and set a buy rating for the company in a research note on Friday, August 2nd. Compass Point decreased their price target on Coinbase Global from $325.00 to $295.00 and set a buy rating on the stock in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global has an average rating of Hold and an average price target of $246.06.

Coinbase Global Trading Up 5.2 %

Shares of Coinbase Global stock opened at $155.05 on Friday. The stock has a market capitalization of $38.53 billion, a P/E ratio of 30.95 and a beta of 3.36. Coinbase Global has a 52-week low of $69.63 and a 52-week high of $283.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The stock’s 50-day simple moving average is $209.39 and its 200 day simple moving average is $224.24.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. Coinbase Global’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.42) EPS. As a group, research analysts anticipate that Coinbase Global will post 4.28 EPS for the current year.

Insider Activity

In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the completion of the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at $380,530.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares in the company, valued at approximately $380,530.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,562 shares of company stock valued at $23,241,279. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the company. Creekmur Asset Management LLC bought a new position in Coinbase Global during the 4th quarter valued at approximately $27,000. Crewe Advisors LLC boosted its holdings in Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in Coinbase Global during the 2nd quarter valued at $29,000. Concord Wealth Partners increased its position in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. raised its holdings in Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.