Coinbase Global (NASDAQ:COIN) Stock Rating Upgraded by Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm currently has $300.00 price target on the cryptocurrency exchange’s stock.

A number of other research firms also recently issued reports on COIN. Piper Sandler upped their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. The Goldman Sachs Group increased their price target on shares of Coinbase Global from $189.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday. JMP Securities reiterated a “market outperform” rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Thursday, May 8th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research report on Friday, May 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research report on Monday. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $262.75.

Coinbase Global Stock Performance

Coinbase Global stock opened at $256.90 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. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The company has a market cap of $65.22 billion, a PE ratio of 27.04 and a beta of 3.62. The company’s 50-day moving average is $187.93 and its two-hundred day moving average is $243.41.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the company posted $2.53 earnings per share. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. Equities analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $105,484.04. This represents a 97.94% decrease in their position. The transaction 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 the firm’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the transaction, the insider now directly owns 83,313 shares of the company’s stock, valued at $16,505,971.56. This represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 128,742 shares of company stock valued at $25,758,259. 17.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in COIN. Principal Financial Group Inc. grew its stake in shares of Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after acquiring an additional 36,843 shares in the last quarter. Wedmont Private Capital grew its stake in shares of Coinbase Global by 21.9% during the 4th quarter. Wedmont Private Capital now owns 1,766 shares of the cryptocurrency exchange’s stock worth $457,000 after acquiring an additional 317 shares in the last quarter. Cooper Financial Group bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $206,000. Miracle Mile Advisors LLC grew its stake in shares of Coinbase Global by 5.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 1,450 shares of the cryptocurrency exchange’s stock worth $360,000 after acquiring an additional 69 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its stake in shares of Coinbase Global by 2.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange’s stock worth $652,000 after acquiring an additional 51 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

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.