Coinbase Global (NASDAQ:COIN) Shares Up 7.4% After Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN) rose 7.4% during trading on Monday after Compass Point upgraded the stock from a sell rating to a neutral rating. Compass Point now has a $177.00 price target on the stock, up from their previous price target of $130.00. Coinbase Global traded as high as $189.44 and last traded at $188.1440. 2,831,130 shares changed hands during trading, a decline of 72% from the average session volume of 10,160,522 shares. The stock had previously closed at $175.26.

Several other research firms have also issued reports on COIN. Cantor Fitzgerald reissued an “overweight” rating and issued a $212.00 price target on shares of Coinbase Global in a research report on Monday, August 31st. UBS Group set a $155.00 price objective on shares of Coinbase Global in a report on Friday, July 31st. Needham & Company LLC lowered their target price on shares of Coinbase Global from $220.00 to $177.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Raymond James Financial started coverage on Coinbase Global in a research report on Wednesday, July 22nd. They set a “market perform” rating on the stock. Finally, Argus reaffirmed a “hold” rating on shares of Coinbase Global in a report on Wednesday, August 26th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average target price of $219.97.

Insider Activity at Coinbase Global

In other Coinbase Global news, CAO Jennifer Jones sold 2,062 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $188.75, for a total value of $389,202.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 35,068 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $144.32, for a total transaction of $5,061,013.76. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 70,806 shares of company stock valued at $11,307,687. Corporate insiders own 16.66% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the business. L2 Asset Management LLC increased its position in shares of Coinbase Global by 5.0% during the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock valued at $326,000 after acquiring an additional 46 shares during the last quarter. Ancora Advisors LLC lifted its holdings in shares of Coinbase Global by 4.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock worth $396,000 after acquiring an additional 51 shares during the last quarter. Fulton Bank N.A. boosted its position in shares of Coinbase Global by 1.1% during the 1st quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock worth $863,000 after purchasing an additional 53 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of Coinbase Global by 2.1% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 3,174 shares of the cryptocurrency exchange’s stock worth $1,071,000 after purchasing an additional 65 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its holdings in Coinbase Global by 0.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 26,094 shares of the cryptocurrency exchange’s stock valued at $5,901,000 after purchasing an additional 69 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

The stock has a market cap of $49.58 billion, a price-to-earnings ratio of -48.91 and a beta of 3.39. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The company’s fifty day moving average is $165.43 and its two-hundred day moving average is $176.02.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the company earned $5.14 earnings per share. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, research analysts predict that Coinbase Global, Inc. will post -0.24 earnings per share for the current year.

About Coinbase Global

Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.

Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.