Coinbase Global (NASDAQ:COIN) Upgraded at Barclays

Barclays upgraded shares of Coinbase Global (NASDAQ:COIN) from an underweight rating to an equal weight rating in a research note issued to investors on Friday, Marketbeat.com reports. Barclays currently has $169.00 price target on the cryptocurrency exchange’s stock, down from their previous price target of $206.00.

A number of other brokerages also recently weighed in on COIN. The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Bank of America reduced their price objective on Coinbase Global from $263.00 to $246.00 and set a neutral rating for the company in a research report on Friday, August 2nd. HC Wainwright lowered their price objective on Coinbase Global from $315.00 to $295.00 and set a buy rating for the company in a research note on Friday, August 2nd. JMP Securities reissued a market outperform rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. Finally, Compass Point lowered their price target on Coinbase Global from $325.00 to $295.00 and set a buy rating for the company in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Coinbase Global has an average rating of Hold and an average target price of $246.06.

Coinbase Global Price Performance

Shares of COIN stock opened at $155.05 on Friday. The business’s fifty day moving average is $209.39 and its 200 day moving average is $224.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a market cap of $38.53 billion, a price-to-earnings ratio of 30.95 and a beta of 3.36. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned ($0.42) earnings per share. The firm’s quarterly revenue was up 104.8% compared to the same quarter last year. Research analysts expect that Coinbase Global will post 4.28 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at $15,623,742.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at $380,530.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. Insiders sold 111,562 shares of company stock valued at $23,241,279 over the last three months. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. Fifth Third Bancorp raised its position in Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after acquiring an additional 55 shares during the period. Versant Capital Management Inc raised its holdings in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC lifted its position in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC grew its holdings in Coinbase Global by 4.6% during the second quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock valued at $314,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors 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.