Coinbase Global (NASDAQ:COIN) Shares Up 8.8%

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 8.8% during mid-day trading on Monday . The stock traded as high as $239.33 and last traded at $237.28. Approximately 4,703,863 shares traded hands during trading, a decline of 59% from the average daily volume of 11,428,820 shares. The stock had previously closed at $218.02.

Analyst Ratings Changes

Several brokerages have commented on COIN. Keefe, Bruyette & Woods upped their price objective on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research report on Friday, May 3rd. Sanford C. Bernstein boosted their price objective 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. Mizuho raised their price objective on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a report on Friday, April 12th. JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research note on Friday, May 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Wednesday, June 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $220.65.

Coinbase Global Stock Up 12.0 %

The business has a 50-day moving average price of $227.63 and a 200-day moving average price of $206.24. The firm has a market capitalization of $59.95 billion, a PE ratio of 47.36 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 (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. Equities research analysts forecast that Coinbase Global, Inc. will post 5 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $213.99, for a total value of $3,505,156.20. Following the sale, the director now directly owns 4,662 shares in the company, valued at approximately $997,621.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $213.99, for a total value of $3,505,156.20. Following the sale, the director now directly owns 4,662 shares in the company, valued at $997,621.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the transaction, the insider now owns 66,122 shares in the company, valued at approximately $14,644,039.34. The disclosure for this sale can be found here. Insiders have sold a total of 285,361 shares of company stock valued at $61,945,946 in the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. Barrett & Company Inc. acquired a new position in Coinbase Global in the 4th quarter valued at about $26,000. Creekmur Asset Management LLC acquired a new stake in shares of Coinbase Global in the 4th quarter worth $27,000. Lynx Investment Advisory purchased a new stake in shares of Coinbase Global in the second quarter valued at about $29,000. Concord Wealth Partners boosted its holdings in shares of 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. increased its stake 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 worth $30,000 after acquiring an additional 100 shares during the period. 68.84% of the stock is 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.