Coinbase Global, Inc. (NASDAQ:COIN)’s share price shot up 2.8% on Thursday . The company traded as high as $262.31 and last traded at $255.20. 2,697,796 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 11,117,471 shares. The stock had previously closed at $248.30.
Wall Street Analyst Weigh In
Several equities research analysts have commented on COIN shares. Monness Crespi & Hardt boosted their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Needham & Company LLC raised their price objective on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Finally, Barclays upped their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $286.22.
View Our Latest Report on COIN
Coinbase Global Stock Up 5.2 %
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during 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 firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.
Insiders Place Their Bets
In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the transaction, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. The trade was a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the completion of the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,641 shares of company stock worth $80,937,273 over the last three months. Company insiders own 23.43% of the company’s stock.
Institutional Trading of Coinbase Global
Hedge funds have recently added to or reduced their stakes in the company. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the third quarter valued at $409,919,000. Renaissance Technologies LLC boosted its holdings in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares in the last quarter. American Century Companies Inc. grew its position in shares of Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the last quarter. Geode Capital Management LLC raised its stake in Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Finally, Azora Capital LP lifted its position in Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after acquiring an additional 220,078 shares during the last quarter. Institutional investors and hedge funds 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.
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