Coinbase Global (NASDAQ:COIN) Sees Large Volume Increase – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares saw an uptick in trading volume on Thursday . 6,509,371 shares traded hands during mid-day trading, a decline of 41% from the previous session’s volume of 11,079,631 shares.The stock last traded at $310.05 and had previously closed at $320.01.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on COIN. HC Wainwright reissued a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Needham & Company LLC lifted their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Finally, B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average price target of $251.00.

Coinbase Global Stock Performance

The stock has a market capitalization of $76.27 billion, a P/E ratio of 51.99 and a beta of 3.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average of $214.20 and a 200 day moving average of $215.15.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.01) earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now directly owns 75,556 shares in the company, valued at $15,637,069.76. This represents a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 194,091 shares of company stock valued at $50,033,426. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter worth approximately $25,000. Crewe Advisors LLC boosted its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new stake in Coinbase Global during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc increased its holdings in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter valued at $32,000. 68.84% of the stock is owned by institutional investors.

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.