Coinbase Global (NASDAQ:COIN) Trading Up 4.9% – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was up 4.9% during mid-day trading on Monday . The company traded as high as $300.35 and last traded at $295.48. Approximately 11,250,894 shares were traded during mid-day trading, an increase of 67% from the average daily volume of 6,726,179 shares. The stock had previously closed at $281.63.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on COIN shares. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Mizuho boosted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Piper Sandler boosted their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $282.83.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s 50 day moving average is $291.21 and its 200-day moving average is $231.31. The stock has a market capitalization of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.01) earnings per share. Analysts forecast that Coinbase Global, Inc. will post 4.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Lawrence J. Brock sold 4,635 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the completion of the transaction, the insider now owns 18,525 shares of the company’s stock, valued at $4,631,250. This trade represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 347,033 shares of company stock worth $102,613,277. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of COIN. Empowered Funds LLC boosted its stake in Coinbase Global by 0.8% in the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after acquiring an additional 43 shares in the last quarter. Capital Advisors Wealth Management LLC boosted its position in shares of Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after purchasing an additional 45 shares during the period. Creative Financial Designs Inc. ADV boosted its position in shares of Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares during the period. Pallas Capital Advisors LLC grew its stake in Coinbase Global by 2.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange’s stock worth $652,000 after buying an additional 51 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in Coinbase Global by 3.9% during the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after buying an additional 66 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.