Coinbase Global (NASDAQ:COIN) Shares Gap Up – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened on Tuesday . The stock had previously closed at $179.23, but opened at $186.00. Coinbase Global shares last traded at $186.80, with a volume of 1,513,185 shares.

Analyst Upgrades and Downgrades

Several research firms have issued reports on COIN. Canaccord Genuity Group upped their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Finally, Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a report on Tuesday, February 18th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $307.89.

Coinbase Global Stock Up 0.0 %

The firm has a market capitalization of $48.68 billion, a PE ratio of 20.18 and a beta of 3.66. The firm’s 50-day moving average is $258.42 and its 200 day moving average is $241.08. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 20,000 shares of Coinbase Global stock in a transaction dated Friday, January 17th. The stock was 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 approximately $37,341,000. This trade represents a 13.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 219,455 shares of company stock worth $60,955,968. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in COIN. Clear Street Derivatives LLC purchased a new position in Coinbase Global during the third quarter worth about $409,919,000. Norges Bank purchased a new position in shares of Coinbase Global during the 4th quarter worth about $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the fourth quarter worth approximately $372,450,000. Proficio Capital Partners LLC grew its holdings in Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after purchasing an additional 417,036 shares during the period. Finally, Two Sigma Advisers LP increased its position in Coinbase Global by 445.4% during the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after purchasing an additional 333,600 shares during the last quarter. Institutional investors and hedge funds 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.