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 published on Friday morning, Marketbeat Ratings reports. They currently have $169.00 price objective on the cryptocurrency exchange’s stock, down from their previous price objective of $206.00.

Other equities analysts also recently issued research reports about the company. HC Wainwright cut their target price on Coinbase Global from $315.00 to $295.00 and set a buy rating on the stock in a research report on Friday, August 2nd. JMP Securities reissued a market outperform rating and set a $320.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America cut their target price on Coinbase Global from $263.00 to $246.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reissued a buy rating and set a $260.00 target price on shares of Coinbase Global in a research report on Monday, August 5th. Finally, The Goldman Sachs Group cut their target price on Coinbase Global from $255.00 to $215.00 and set a neutral rating on the stock in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $246.06.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $147.35 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1 year low of $69.63 and a 1 year high of $283.48. The stock’s 50 day simple moving average is $210.96 and its two-hundred day simple moving average is $224.35. The company has a market cap of $36.18 billion, a price-to-earnings ratio of 29.41 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) 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 firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm earned ($0.42) EPS. The business’s revenue was up 104.8% compared to the same quarter last year. As a group, equities analysts anticipate that Coinbase Global will post 4.28 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $115,883.06. The transaction was disclosed in a legal 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 stock in a transaction on Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the sale, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $115,883.06. The disclosure for this sale can be found here. Insiders sold 111,562 shares of company stock worth $23,241,279 over the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the stock. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter valued at about $27,000. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Coinbase Global during the second quarter valued at approximately $29,000. Concord Wealth Partners boosted its stake in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 100 shares in the last quarter. 68.84% of the stock is currently 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.