Coinbase Global Shares Surge in Pre-Market Trading

On Thursday, the shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) experienced a notable increase before the market opened. The stock, which previously closed at $122.07, jumped to an opening price of $127.22. During the trading session, Coinbase Global's shares changed hands at $128.48 with a substantial trading volume of 1,764,516 shares.

Analyst Perspectives on Coinbase Global

Several brokerage firms have recently shared their analyses on COIN. Goldman Sachs Group revised their price target on the company from $55.00 to $123.00 and maintained a “sell” rating. JPMorgan Chase & Co. downgraded the stock from a “neutral” to an “underweight” rating, with a price target of $80.00. On the optimistic side, JMP Securities raised their price target from $107.00 to $200.00, giving an “outperform” rating. Similarly, Citigroup and Wedbush raised their targets to $151.00 and $180.00 respectively, both recommending an “outperform” rating. The consensus among analysts indicates a “Hold” rating for Coinbase Global with an average target price of $103.68.

The Financials of Coinbase Global

Coinbase Global's financial averages reveal a 50-day moving average of $144.40 and a 200-day moving average of $105.74. The firm holds a market capitalization of $33.97 billion, with a PE ratio standing at -43.96 and a beta value of 3.14. It reports a debt-to-equity ratio of 0.52, a current ratio of 1.05, and a quick ratio also of 1.05.

Insider Transactions at Coinbase Global

Recent insider activity includes CEO Brian Armstrong selling 18,500 shares at an average price of $96.38, amounting to $1,783,030. These transactions were publicly disclosed via filings with the Securities & Exchange Commission. Additionally, Director Frederick Ernest Ehrsam III offloaded 82,130 shares at an average of $119.73, totaling $9,833,424.90. Post-sale, Ernest Ehrsam III holds 4,662 shares valued at approximately $558,181.26. Overall, insiders have sold more than 1.3 million shares worth over $184 million in the past three months. Insiders currently own 33.16% of Coinbase Global's stock.

Institutional Interest in Coinbase Global

A range of hedge funds and institutional investors have either increased or reduced their stakes in Coinbase Global recently. Sepio Capital LP and Skopos Labs Inc. initiated new positions in the company, while Advisory Services Network LLC significantly raised its shareholding by 61.1%. Orion Portfolio Solutions LLC and EverSource Wealth Advisors LLC also made new investments or increased their positions. Institutions and hedge funds own about 45.96% of the exchange's stock.

About Coinbase Global

Coinbase Global, Inc. operates as a critical infrastructure and technology provider for the global cryptoeconomy. The company serves various customer segments, offering a primary financial account for crypto users, a liquidity pool for institutional crypto transactions, and technological services for developers to build upon and securely process crypto payments.

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