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

Coinbase Global (NASDAQ:COIN) was upgraded by investment analysts at Mizuho from a “neutral” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has a $290.00 price target on the cryptocurrency exchange’s stock, up from their previous price target of $250.00. Mizuho’s target price would suggest a potential upside of 2.90% from the stock’s previous close.

COIN has been the subject of several other research reports. Barclays lifted their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Keefe, Bruyette & Woods lowered their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Finally, The Goldman Sachs Group lowered their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $289.06.

Coinbase Global Stock Up 1.4 %

Coinbase Global stock opened at $281.82 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $70.55 billion, a price-to-earnings ratio of 48.09 and a beta of 3.59. Coinbase Global has a 1-year low of $114.51 and a 1-year high of $349.75. The business has a fifty day moving average price of $288.73 and a 200-day moving average price of $234.81.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) EPS. Equities research analysts forecast that Coinbase Global will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the sale, the director now owns 10,417 shares in the company, valued at approximately $3,230,728.38. This trade represents a 49.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the sale, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 377,705 shares of company stock valued at $112,792,687. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the business. RPg Family Wealth Advisory LLC purchased a new stake in Coinbase Global during the 3rd quarter worth $25,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth about $27,000. ORG Wealth Partners LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth about $32,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.