Coinbase Global (NASDAQ:COIN) Shares Up 5.3% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 5.3% on Friday . The stock traded as high as $300.35 and last traded at $296.68. Approximately 4,751,806 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 7,179,809 shares. The stock had previously closed at $281.63.

Analysts Set New Price Targets

Several research firms have commented on COIN. Barclays boosted their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Mizuho increased their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Piper Sandler lifted their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. The Goldman Sachs Group dropped their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Oppenheimer cut their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research report on Friday. 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 MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Trading Up 5.4 %

The company has a market capitalization of $74.31 billion, a price-to-earnings ratio of 50.59 and a beta of 3.59. The business’s 50 day simple moving average is $290.71 and its 200 day simple moving average is $230.81. 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 quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the company earned ($0.01) earnings per share. The firm’s revenue was up 78.8% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 4.69 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. This represents a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 321,333 shares of company stock valued at $95,092,118. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth $25,000. ORG Wealth Partners LLC purchased a new stake in Coinbase Global during the third quarter worth about $32,000. MassMutual Private Wealth & Trust FSB grew its position in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares during the period. Brown Brothers Harriman & Co. increased its holdings in Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Coinbase Global by 548.5% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after acquiring an additional 181 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.