Coinbase Global (NASDAQ:COIN) Stock Price Up 2.8% – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 2.8% during mid-day trading on Thursday . The company traded as high as $262.31 and last traded at $255.20. 2,697,796 shares were traded during trading, a decline of 76% from the average session volume of 11,117,471 shares. The stock had previously closed at $248.30.

Analyst Upgrades and Downgrades

Several research firms have commented on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. Monness Crespi & Hardt raised their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, JMP Securities restated a “market outperform” rating and issued 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 given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Trading Up 5.2 %

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 stock has a market cap of $67.76 billion, a PE ratio of 46.19 and a beta of 3.57. The business’s fifty day moving average is $280.83 and its 200 day moving average is $228.26.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS. As a group, analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Activity

In other news, 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 completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $181.36, for a total value of $272,040.00. Following the transaction, the chief operating officer now owns 176,601 shares in the company, valued at $32,028,357.36. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,641 shares of company stock worth $80,937,273 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of COIN. Geode Capital Management LLC boosted its holdings in shares of Coinbase Global by 10.1% in the 3rd 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 last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Coinbase Global by 2.3% in the third 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 last quarter. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the third quarter worth about $409,919,000. Cowen AND Company LLC raised its holdings in shares of Coinbase Global by 1.5% in the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.