Coinbase Global (NASDAQ:COIN) Rating Increased to Strong-Buy at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Coinbase Global (NASDAQ:COIN) to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

COIN has been the subject of several other reports. Canaccord Genuity Group boosted their price target on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Oppenheimer restated an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Bank of America decreased their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $322.78.

Coinbase Global Price Performance

COIN opened at $189.75 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The business’s fifty day simple moving average is $250.03 and its 200-day simple moving average is $240.77. The company has a market capitalization of $48.17 billion, a price-to-earnings ratio of 19.97 and a beta of 3.66. Coinbase Global has a 12-month low of $146.12 and a 12-month high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total value of $3,120,559.83. Following the completion of the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. This represents a 52.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the sale, the chief financial officer now directly owns 144,470 shares in the company, valued at approximately $38,554,708.90. This trade represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock worth $60,955,968 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. RPg Family Wealth Advisory LLC purchased a new position in Coinbase Global during the third quarter worth about $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in Coinbase Global in the fourth quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares during the period. Institutional investors and hedge funds 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.