Coinbase Global (NASDAQ:COIN) Trading Up 2.2%

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 2.2% on Tuesday . The company traded as high as $167.37 and last traded at $165.11. Approximately 1,559,751 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 10,518,376 shares. The stock had previously closed at $161.50.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent research reports. Compass Point dropped their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Bank of America dropped their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. HC Wainwright decreased their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Price Performance

The company’s fifty day moving average is $203.02 and its two-hundred day moving average is $223.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $40.01 billion, a price-to-earnings ratio of 32.98 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.42) earnings per share. Equities research analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Alesia J. Haas sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the completion of the transaction, the chief financial officer now owns 182,903 shares in the company, valued at $41,901,248.27. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the sale, the chief financial officer now owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $91,487.18. The disclosure for this sale can be found here. Insiders sold a total of 110,062 shares of company stock valued at $22,872,039 in the last ninety days. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the period. Norges Bank acquired a new stake in shares of Coinbase Global during the 4th quarter worth $202,936,000. Renaissance Technologies LLC raised its stake in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after buying an additional 486,512 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

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.