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 released on Tuesday morning, MarketBeat.com reports. The brokerage currently has $300.00 price objective on the cryptocurrency exchange’s stock.

Several other research firms have also issued reports on COIN. JMP Securities reissued a “market outperform” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price target on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Needham & Company LLC dropped their price target on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research note on Monday. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $262.75.

Coinbase Global Stock Performance

Shares of COIN stock opened at $244.44 on Tuesday. Coinbase Global has a one year low of $142.58 and a one year high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a 50 day moving average price of $190.16 and a 200 day moving average price of $243.74. The firm has a market capitalization of $62.06 billion, a price-to-earnings ratio of 25.73 and a beta of 3.62.

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

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 15,517 shares of Coinbase Global stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $260.98, for a total value of $4,049,626.66. Following the sale, the director now directly owns 10,417 shares in the company, valued at $2,718,628.66. This trade represents a 59.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the sale, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This represents a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,764 shares of company stock worth $35,671,592. 17.65% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently bought and sold shares of COIN. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global during the 4th quarter valued at about $25,000. Copia Wealth Management acquired a new position in Coinbase Global during the 4th quarter valued at about $26,000. Bessemer Group Inc. increased its stake in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after buying an additional 113 shares during the period. Wingate Wealth Advisors Inc. acquired a new position in Coinbase Global during the 4th quarter valued at about $27,000. Finally, Atala Financial Inc acquired a new position in shares of Coinbase Global in the 4th quarter worth approximately $27,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Company Profile

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.