Coinbase Global (NASDAQ:COIN) Shares Gap Up After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) gapped up prior to trading on Friday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. The stock had previously closed at $218.08, but opened at $223.83. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global shares last traded at $225.49, with a volume of 1,692,387 shares trading hands.

A number of other research firms have also recently issued reports on COIN. Keefe, Bruyette & Woods boosted their target price on Coinbase Global from $160.00 to $230.00 and gave the company a “market perform” rating in a research note on Wednesday, April 3rd. Wedbush boosted their target price on Coinbase Global from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Piper Sandler boosted their target price on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Canaccord Genuity Group reissued a “buy” rating and issued a $240.00 target price on shares of Coinbase Global in a research note on Thursday, March 28th. Finally, JPMorgan Chase & Co. boosted their price target on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $165.43.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the transaction, the insider now owns 61,665 shares in the company, valued at approximately $7,462,698.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of Coinbase Global stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $274.97, for a total transaction of $4,504,008.60. Following the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $1,281,910.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the transaction, the insider now directly owns 61,665 shares in the company, valued at $7,462,698.30. The disclosure for this sale can be found here. Insiders have sold a total of 590,978 shares of company stock worth $103,440,000 in the last 90 days. Company insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. Raymond James & Associates raised its position in shares of Coinbase Global by 65.5% in the 4th quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange’s stock worth $4,203,000 after acquiring an additional 9,564 shares in the last quarter. Mariner LLC increased its position in Coinbase Global by 5.4% in the 3rd quarter. Mariner LLC now owns 82,582 shares of the cryptocurrency exchange’s stock valued at $6,200,000 after buying an additional 4,259 shares in the last quarter. Itau Unibanco Holding S.A. increased its position in Coinbase Global by 10.0% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 1,374 shares of the cryptocurrency exchange’s stock valued at $103,000 after buying an additional 125 shares in the last quarter. Oak Thistle LLC bought a new stake in Coinbase Global in the 4th quarter valued at about $1,035,000. Finally, Barclays PLC increased its position in Coinbase Global by 41.5% in the 3rd quarter. Barclays PLC now owns 404,779 shares of the cryptocurrency exchange’s stock valued at $30,394,000 after buying an additional 118,670 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average of $223.31 and a 200 day moving average of $154.63. The firm has a market capitalization of $53.93 billion, a P/E ratio of 807.70 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same period in the previous year, the company posted ($2.46) EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 2.43 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.