Coinbase Global (NASDAQ:COIN) Trading Up 2.9% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) was up 2.9% during mid-day trading on Tuesday . The stock traded as high as $263.00 and last traded at $258.40. Approximately 2,089,821 shares were traded during trading, a decline of 70% from the average daily volume of 6,881,000 shares. The stock had previously closed at $251.20.

Analysts Set New Price Targets

COIN has been the subject of a number of research analyst reports. Piper Sandler boosted their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Barclays increased their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. Finally, Monness Crespi & Hardt boosted their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $284.17.

Coinbase Global Trading Up 2.4 %

The firm’s 50 day simple moving average is $290.19 and its two-hundred day simple moving average is $230.45. The stock has a market capitalization of $70.51 billion, a P/E ratio of 48.06 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its 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 firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) earnings per share. As a group, analysts forecast that Coinbase Global, Inc. will post 4.69 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % 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, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the transaction, the chief operating officer now directly owns 175,101 shares in the company, valued at approximately $35,598,033.30. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 321,333 shares of company stock valued at $95,092,118 over the last ninety days. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global in the 3rd quarter worth about $32,000. MassMutual Private Wealth & Trust FSB increased its stake in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares during the last quarter. Brown Brothers Harriman & Co. lifted 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 worth $45,000 after buying an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC lifted 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 worth $48,000 after buying an additional 181 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.