Coinbase Global (NASDAQ:COIN) Upgraded by Monness Crespi & Hardt to “Buy” Rating

Monness Crespi & Hardt upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research note published on Monday, Marketbeat.com reports. They currently have $375.00 price target on the cryptocurrency exchange’s stock.

A number of other research analysts have also issued reports on COIN. Wall Street Zen raised Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Oppenheimer reissued an “outperform” rating and issued a $417.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Needham & Company LLC restated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, October 31st. JMP Securities lifted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $385.00 to $368.00 in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $399.94.

Coinbase Global Price Performance

Shares of COIN opened at $317.93 on Monday. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The company has a market capitalization of $81.69 billion, a price-to-earnings ratio of 27.50 and a beta of 3.67. The firm has a 50-day simple moving average of $334.20 and a 200-day simple moving average of $312.82. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.40. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 EPS. On average, equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 15,439 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,054.32. This represents a 97.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 487,658 shares of company stock worth $154,461,520 in the last 90 days. 17.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently bought and sold shares of COIN. Vanguard Group Inc. grew its holdings in Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after purchasing an additional 2,007,930 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after buying an additional 1,755,146 shares in the last quarter. ARK Investment Management LLC boosted its position in shares of Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after buying an additional 34,462 shares in the last quarter. Groupama Asset Managment grew its stake in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Finally, Norges Bank purchased a new position in Coinbase Global during the 2nd quarter valued at about $1,044,354,000. 68.84% of the stock is owned by hedge funds and other 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.