Coinbase Global (NASDAQ:COIN) Stock Price Up 6.4% – Still a Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 6.4% during mid-day trading on Wednesday . The stock traded as high as $275.29 and last traded at $271.65. Approximately 3,893,355 shares traded hands during trading, a decline of 44% from the average daily volume of 6,951,508 shares. The stock had previously closed at $255.37.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COIN. Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Monness Crespi & Hardt lifted their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. Oppenheimer decreased their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research note on Friday. Finally, JMP Securities reiterated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $282.83.

Coinbase Global Stock Up 4.9 %

The firm has a market cap of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The stock’s 50 day moving average is $290.71 and its 200 day moving average is $230.81. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’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 business posted ($0.01) earnings per share. Analysts forecast that Coinbase Global, Inc. will post 4.69 EPS for the current year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $300.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,470 shares in the company, valued at approximately $37,341,000. This trade represents a 13.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 347,033 shares of company stock valued at $102,613,277 over the last three months. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter worth $25,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the 3rd quarter worth about $32,000. MassMutual Private Wealth & Trust FSB lifted its stake in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC boosted its holdings in shares of Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after buying an additional 181 shares during the period. 68.84% of the stock is owned by 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.