Coinbase Global (NASDAQ:COIN) Lifted to “Buy” at Citigroup

Citigroup upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to a buy rating in a research report released on Tuesday, MarketBeat reports. They currently have $345.00 price target on the cryptocurrency exchange’s stock, up from their previous price target of $260.00.

Other analysts also recently issued research reports about the stock. Sanford C. Bernstein lifted their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the company a market perform rating in a research report on Thursday, April 18th. Oppenheimer lifted their price objective on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an outperform rating in a report on Friday, May 3rd. HC Wainwright reaffirmed a buy rating and set a $315.00 price objective on shares of Coinbase Global in a report on Tuesday, June 18th. The Goldman Sachs Group cut their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating on the stock in a report on Thursday, July 11th. Finally, Barclays cut their price objective on shares of Coinbase Global from $204.00 to $196.00 and set an underweight rating on the stock in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global has an average rating of Hold and an average target price of $237.50.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $231.52 on Tuesday. The company has a fifty day moving average of $234.59 and a 200-day moving average of $210.88. The firm has a market capitalization of $56.85 billion, a P/E ratio of 46.21 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. As a group, sell-side analysts anticipate that Coinbase Global will post 4.95 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CAO Jennifer N. Jones sold 450 shares of the business’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 sale, the chief accounting officer now directly owns 1,686 shares in the company, valued at approximately $380,530.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Jennifer N. Jones sold 450 shares of the business’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 sale, the chief accounting officer now directly owns 1,686 shares in the company, valued at approximately $380,530.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $229.70, for a total value of $344,550.00. Following the completion of the sale, the chief operating officer now owns 196,471 shares in the company, valued at $45,129,388.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 271,676 shares of company stock worth $58,878,978. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. Barrett & Company Inc. bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $26,000. Creekmur Asset Management LLC bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $27,000. Lynx Investment Advisory bought a new stake in shares of Coinbase Global during the second quarter valued at about $29,000. Concord Wealth Partners increased its position in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares during the period. 68.84% of the stock is currently 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.