Coinbase Global (NASDAQ:COIN) Trading 4.8% Higher – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 4.8% on Wednesday . The company traded as high as $205.90 and last traded at $205.74. 3,670,738 shares were traded during trading, a decline of 64% from the average session volume of 10,338,880 shares. The stock had previously closed at $196.34.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Barclays increased their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. HC Wainwright cut their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Finally, Bank of America cut their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $246.44.

Coinbase Global Stock Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $178.81 and its 200-day moving average is $211.96. The company has a market capitalization of $51.61 billion, a P/E ratio of 41.07 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.42) earnings per share. Equities analysts anticipate that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $91,487.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at $16,784,221.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 owns 526 shares in the company, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,037 shares of company stock valued at $14,136,915 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of COIN. Geneos Wealth Management Inc. increased its position in Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the last quarter. Concord Wealth Partners increased its position in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares during the last quarter. Mather Group LLC. purchased a new position in Coinbase Global during the first quarter worth $32,000. Crewe Advisors LLC boosted its stake in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Coinbase Global during the second quarter valued at $29,000. 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.