Coinbase Global (NASDAQ:COIN) Trading 2.3% Higher – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 2.3% during trading on Friday . The company traded as high as $333.47 and last traded at $327.98. Approximately 3,763,274 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 11,214,396 shares. The stock had previously closed at $320.57.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COIN. Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. B. Riley assumed coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Piper Sandler reiterated a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group increased their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. One investment 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, the company presently has a consensus rating of “Hold” and an average target price of $265.33.

Coinbase Global Trading Up 7.2 %

The firm has a market capitalization of $86.03 billion, a P/E ratio of 58.64 and a beta of 3.57. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $242.71 and a 200-day simple moving average of $222.37.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for 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% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share. On average, equities research analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the transaction, the chief operating officer now owns 187,601 shares of the company’s stock, valued at $30,436,386.24. This trade represents a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 272,220 shares of company stock valued at $80,030,608. 23.43% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the company. Crewe Advisors LLC increased its stake in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global during the third quarter worth about $25,000. Spirit of America Management Corp NY bought a new stake in Coinbase Global during the 2nd quarter valued at approximately $33,000. Continuum Advisory LLC lifted its holdings in Coinbase Global by 3,000.0% in the 2nd quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 150 shares in the last quarter. Finally, MFA Wealth Advisors LLC bought a new position in Coinbase Global in the 2nd quarter worth approximately $35,000. 68.84% of the stock is currently 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.