Coinbase Global (NASDAQ:COIN) Trading 4.3% Higher – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 4.3% on Wednesday . The stock traded as high as $284.00 and last traded at $279.62. 4,805,053 shares were traded during trading, a decline of 57% from the average session volume of 11,203,648 shares. The stock had previously closed at $268.15.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Needham & Company LLC upped their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Monness Crespi & Hardt boosted their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price objective on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Finally, Mizuho upped their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and an average price target of $286.22.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market cap of $70.00 billion, a P/E ratio of 47.72 and a beta of 3.57. The firm has a fifty day moving average of $272.28 and a 200-day moving average of $227.16.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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 business 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 revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. Research analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, Director Gokul Rajaram sold 400 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the transaction, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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. Over the last three months, insiders sold 260,720 shares of company stock valued at $78,086,248. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Empowered Funds LLC grew its position in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after purchasing an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Coinbase Global by 9.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after acquiring an additional 51 shares during the period. Larson Financial Group LLC increased its stake in Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after acquiring an additional 57 shares during the last quarter. Benjamin Edwards Inc. raised its position in Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares in the last quarter. Finally, Brooklyn Investment Group lifted its stake in Coinbase Global by 3.9% during the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 66 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.