Coinbase Global (NASDAQ:COIN) Trading Up 3.2% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shot up 3.2% during mid-day trading on Friday . The company traded as high as $307.29 and last traded at $305.50. 3,830,557 shares were traded during trading, a decline of 52% from the average session volume of 8,047,986 shares. The stock had previously closed at $296.01.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Piper Sandler upped their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Bank of America increased their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $282.83.

Coinbase Global Price Performance

The stock’s 50 day moving average is $290.54 and its two-hundred day moving average is $233.82. The stock has a market capitalization of $74.60 billion, a PE ratio of 50.85 and a beta of 3.59. 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 posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business 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 business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period last year, the company earned ($0.01) EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the sale, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. The trade was a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 367,489 shares of company stock worth $109,624,297. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of COIN. Geode Capital Management LLC increased 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 purchasing an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after acquiring an additional 71,398 shares during the period. Clear Street Derivatives LLC purchased a new stake in Coinbase Global during the 3rd quarter valued at approximately $409,919,000. Charles Schwab Investment Management Inc. lifted its position in Coinbase Global by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after acquiring an additional 52,856 shares during the period. Finally, Ribbit Management Company LLC grew its stake in shares of Coinbase Global by 4.7% in the 3rd quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock valued at $70,217,000 after purchasing an additional 17,650 shares during the last quarter. 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.