Coinbase Global (NASDAQ:COIN) Trading Up 2.6% on Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 2.6% during trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $183.00 to $397.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as high as $314.43 and last traded at $310.29. 3,923,443 shares changed hands during trading, a decline of 65% from the average session volume of 11,162,979 shares. The stock had previously closed at $302.40.

Other equities analysts also recently issued research reports about the company. Compass Point cut their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Oppenheimer increased their price target on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Barclays lifted their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Bank of America boosted their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $265.33.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares in the company, valued at approximately $52,972,696.56. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 206,644 shares of company stock worth $59,887,556. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in COIN. RPg Family Wealth Advisory LLC purchased a new position in Coinbase Global in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC lifted its holdings in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory purchased a new position in Coinbase Global in the second quarter worth $29,000. Versant Capital Management Inc increased its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in Coinbase Global during the third quarter valued at about $32,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

The company has a 50 day simple moving average of $228.17 and a 200-day simple moving average of $218.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $77.11 billion, a P/E ratio of 52.95 and a beta of 3.56.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share 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.