Coinbase Global (NASDAQ:COIN) Trading 6.4% Higher – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 6.4% during mid-day trading on Wednesday . The company traded as high as $275.29 and last traded at $271.65. Approximately 3,893,355 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 6,951,508 shares. The stock had previously closed at $255.37.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Oppenheimer cut their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research report on Friday. Monness Crespi & Hardt boosted their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods cut their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $282.83.

Coinbase Global Stock Performance

The stock has a market cap of $73.97 billion, a P/E ratio of 50.42 and a beta of 3.59. The firm has a 50 day moving average of $290.71 and a two-hundred day moving average of $230.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

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). The business had revenue of $1.21 billion for 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 firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) earnings per share. On average, research analysts predict that Coinbase Global, Inc. will post 4.69 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. This represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the sale, the chief financial officer now owns 144,470 shares in the company, valued at $38,554,708.90. This represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 347,033 shares of company stock valued at $102,613,277 in the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Banco Santander S.A. increased its stake in Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after acquiring an additional 16,737 shares during the period. Global Retirement Partners LLC grew its stake in shares of Coinbase Global by 135.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global in the 3rd quarter valued at approximately $29,756,000. Lindbrook Capital LLC raised its holdings in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Coinbase Global during the 2nd quarter worth approximately $2,908,000. 68.84% of the stock is 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.