Coinbase Global (NASDAQ:COIN) Shares Up 7.2% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 7.2% during mid-day trading on Monday . The company traded as high as $293.60 and last traded at $290.27. 4,873,726 shares were traded during mid-day trading, a decline of 11% from the average session volume of 5,503,181 shares. The stock had previously closed at $270.65.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on COIN. Keefe, Bruyette & Woods lifted their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Piper Sandler reissued a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho lifted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their target price on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $286.22.

Coinbase Global Trading Up 7.5 %

The company has a market cap of $72.85 billion, a price-to-earnings ratio of 49.66 and a beta of 3.57. The business’s fifty day moving average price is $280.83 and its 200 day moving average price is $228.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) EPS. Research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $181.36, for a total transaction of $272,040.00. Following the transaction, the chief operating officer now owns 176,601 shares in the company, valued at approximately $32,028,357.36. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated 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 transaction, 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. Insiders have sold a total of 270,641 shares of company stock worth $80,937,273 over the last quarter. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently made changes to their positions in COIN. Clear Street Derivatives LLC acquired a new position in shares of Coinbase Global during the third quarter valued at about $409,919,000. Renaissance Technologies LLC increased its position in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares in the last quarter. American Century Companies Inc. boosted its stake in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares during the last quarter. Geode Capital Management LLC boosted its stake in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Finally, Azora Capital LP boosted its stake 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.

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.