Coinbase Global (NASDAQ:COIN) Lifted to “Buy” at Citigroup

Citigroup upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $345.00 price objective on the cryptocurrency exchange’s stock, up from their previous price objective of $260.00.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a buy rating and issued a $315.00 price target on shares of Coinbase Global in a report on Tuesday, June 18th. The Goldman Sachs Group cut their price target on Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a report on Thursday, July 11th. JMP Securities reaffirmed a market outperform rating and issued a $320.00 price target on shares of Coinbase Global in a report on Friday, May 3rd. Piper Sandler increased their price target on Coinbase Global from $225.00 to $245.00 and gave the company a neutral rating in a report on Friday, April 12th. Finally, Barclays cut their price target on Coinbase Global from $204.00 to $196.00 and set an underweight rating for the company in a report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $237.50.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $231.52 on Tuesday. The business has a 50 day simple moving average of $234.59 and a two-hundred day simple moving average of $210.88. Coinbase Global has a 12 month low of $69.63 and a 12 month high of $283.48. The stock has a market capitalization of $56.85 billion, a P/E ratio of 46.21 and a beta of 3.40. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. As a group, analysts predict that Coinbase Global will post 4.95 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total value of $23,105,896.80. Following the sale, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Coinbase Global news, CFO Alesia J. Haas sold 4,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the sale, the chief financial officer now owns 182,903 shares in the company, valued at approximately $41,901,248.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total value of $23,105,896.80. Following the sale, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 271,676 shares of company stock worth $58,878,978. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently bought and sold shares of COIN. Vanguard Group Inc. increased its holdings in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares during the period. Norges Bank purchased a new stake in Coinbase Global during the 4th quarter worth about $202,936,000. a16z Perennial Management L.P. purchased a new stake in Coinbase Global during the 4th quarter worth about $147,646,000. Hamilton Lane Advisors LLC purchased a new stake in Coinbase Global during the 4th quarter worth about $88,015,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after acquiring an additional 486,512 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.