Mizuho Upgrades Coinbase Global (NASDAQ:COIN) to “Outperform”

Mizuho upgraded shares of Coinbase Global (NASDAQ:COIN) from a neutral rating to an outperform rating in a research note released on Wednesday morning, MarketBeat.com reports. They currently have $290.00 target price on the cryptocurrency exchange’s stock, up from their previous target price of $250.00.

Other equities research analysts have also recently issued research reports about the company. Oppenheimer cut their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Monness Crespi & Hardt boosted their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Needham & Company LLC boosted their price target on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $289.06.

Coinbase Global Trading Down 3.3 %

Shares of NASDAQ:COIN opened at $291.33 on Wednesday. The firm has a market cap of $72.93 billion, a price-to-earnings ratio of 49.72 and a beta of 3.59. Coinbase Global has a 12 month low of $114.51 and a 12 month high of $349.75. The company’s fifty day simple moving average is $288.00 and its 200 day simple moving average is $236.00. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) EPS. As a group, research analysts forecast that Coinbase Global will post 4.81 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lawrence J. Brock sold 4,635 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the transaction, the insider now owns 18,525 shares in the company, valued at $4,631,250. The trade was a 20.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 376,205 shares of company stock worth $112,487,737. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the business. Wingate Wealth Advisors Inc. bought a new position in Coinbase Global during the 4th quarter worth $27,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global in the third quarter valued at about $25,000. ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter valued at approximately $32,000. Finally, Bogart Wealth LLC raised its stake in shares of Coinbase Global by 252.5% during the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock valued at $52,000 after acquiring an additional 149 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.