Coinbase Global (NASDAQ:COIN) Shares Up 7.2% – Still a Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 7.2% during trading on Monday . The company traded as high as $293.60 and last traded at $290.27. Approximately 4,873,726 shares changed hands during trading, a decline of 11% from the average daily volume of 5,503,181 shares. The stock had previously closed at $270.65.

Analysts Set New Price Targets

COIN has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Oppenheimer upped their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Finally, Needham & Company LLC increased their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Stock Up 7.5 %

The stock’s fifty day moving average price is $280.83 and its 200 day moving average price is $228.15. The stock has a market cap of $72.85 billion, a P/E ratio of 49.66 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.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the company earned ($0.01) EPS. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, research analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $181.36, for a total transaction of $272,040.00. Following the transaction, the chief operating officer now directly owns 176,601 shares in the company, valued at approximately $32,028,357.36. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,641 shares of company stock valued at $80,937,273. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently added to or reduced their stakes in COIN. Principal Financial Group Inc. grew its holdings in Coinbase Global by 15.6% in the 2nd quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock worth $3,735,000 after acquiring an additional 2,264 shares during the last quarter. Larson Financial Group LLC grew its holdings in Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after acquiring an additional 57 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Coinbase Global by 23.7% in the 2nd quarter. Victory Capital Management Inc. now owns 60,761 shares of the cryptocurrency exchange’s stock worth $13,503,000 after purchasing an additional 11,627 shares during the period. Candriam S.C.A. lifted its position in shares of Coinbase Global by 9.8% in the 2nd quarter. Candriam S.C.A. now owns 10,506 shares of the cryptocurrency exchange’s stock worth $2,335,000 after purchasing an additional 938 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in shares of Coinbase Global by 24.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange’s stock worth $306,000 after purchasing an additional 268 shares during the period. 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.