Coinbase Global (NASDAQ:COIN) Trading Up 0.7% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 0.7% during trading on Thursday . The stock traded as high as $276.72 and last traded at $276.72. 1,940,602 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 6,988,896 shares. The stock had previously closed at $274.93.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COIN. The Goldman Sachs Group reduced their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Needham & Company LLC raised their target price on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho raised their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Finally, Monness Crespi & Hardt raised their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Stock Performance

The company’s 50-day simple moving average is $291.21 and its 200 day simple moving average is $231.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $73.97 billion, a P/E ratio of 50.42 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last posted 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 company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 4.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 20,000 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $300.00, for a total transaction of $6,000,000.00. Following the sale, the chief financial officer now owns 124,470 shares of the company’s stock, valued at $37,341,000. The trade was a 13.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. The trade was a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 347,033 shares of company stock valued at $102,613,277. 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 bought a new stake in Coinbase Global during the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at $32,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after purchasing an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew 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 purchasing an additional 181 shares in the last quarter. 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.