Coinbase Global (NASDAQ:COIN) Shares Up 3% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) traded up 3% during trading on Tuesday . The stock traded as high as $278.08 and last traded at $276.22. 1,945,613 shares changed hands during trading, a decline of 83% from the average session volume of 11,190,784 shares. The stock had previously closed at $268.15.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COIN shares. HC Wainwright restated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. B. Riley assumed coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Needham & Company LLC upped their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Bank of America raised their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Keefe, Bruyette & Woods upped their price target on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Price Performance

The company has a 50-day moving average of $270.62 and a 200-day moving average of $226.91. 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 stock has a market cap of $70.00 billion, a price-to-earnings ratio of 47.72 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now 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 legal filing with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,720 shares of company stock worth $79,787,248. 23.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently made changes to their positions in the stock. 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 valued at $27,000 after buying an additional 104 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new position in Coinbase Global during the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Coinbase Global in the third quarter valued at about $32,000. Abich Financial Wealth Management LLC grew its position in shares of Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after purchasing an additional 181 shares during the last quarter. Finally, Hantz Financial Services Inc. purchased a new position in shares of Coinbase Global during the 2nd quarter worth approximately $54,000. 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.