Coinbase Global (NASDAQ:COIN) Trading Up 5.3% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 5.3% on Friday . The stock traded as high as $300.35 and last traded at $296.68. Approximately 4,751,806 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 7,179,809 shares. The stock had previously closed at $281.63.

Analysts Set New Price Targets

Several analysts have commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research note on Monday. The Goldman Sachs Group cut their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Mizuho boosted their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Price Performance

The firm has a market capitalization of $74.31 billion, a price-to-earnings ratio of 50.59 and a beta of 3.59. The stock’s 50-day moving average price is $290.71 and its 200 day moving average price 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 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 company 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 quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 4.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $325.14, for a total value of $2,475,615.96. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at $3,386,983.38. This represents a 42.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 321,333 shares of company stock valued at $95,092,118 over the last 90 days. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the 3rd quarter worth approximately $409,919,000. Geode Capital Management LLC raised its stake in shares of 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 in the last quarter. Azora Capital LP boosted its holdings 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 purchasing an additional 220,078 shares during the period. Holocene Advisors LP acquired a new position in Coinbase Global during the 3rd quarter worth $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global during the 3rd quarter worth about $29,756,000. Hedge funds and other institutional investors 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.