Coinbase Global (NASDAQ:COIN) Trading Up 5.5% – Should You Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 5.5% on Friday . The stock traded as high as $215.55 and last traded at $215.35. 3,431,396 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 10,348,587 shares. The stock had previously closed at $204.20.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of recent research reports. Bank of America decreased their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. Compass Point reduced their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Barclays raised their price objective on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $246.44.

Coinbase Global Price Performance

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 business has a fifty day moving average of $179.68 and a 200 day moving average of $211.89. The firm has a market cap of $53.05 billion, a P/E ratio of 42.98 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 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion for 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 company’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.42) earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total value of $349,500.00. Following the transaction, the chief operating officer now owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the transaction, the chief operating officer now directly owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,787 shares of company stock worth $15,434,018 over the last three months. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Crewe Advisors LLC increased its position in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory acquired a new position in shares of Coinbase Global in the 2nd quarter valued at approximately $29,000. Concord Wealth Partners lifted its holdings in shares of Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.