Coinbase Global (NASDAQ:COIN) Trading Up 2.9% – Should You Buy?

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Oppenheimer raised their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Monness Crespi & Hardt raised their target price on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given 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 $284.17.

Coinbase Global Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $63.60 billion, a price-to-earnings ratio of 43.35 and a beta of 3.59. The business’s 50-day moving average price is $288.55 and its two-hundred day moving average price is $229.90.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business 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%. During the same quarter last year, the business earned ($0.01) EPS. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Equities analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the transaction, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 321,733 shares of company stock worth $95,173,894 in the last three months. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Clear Street Derivatives LLC acquired a new stake in Coinbase Global in the 3rd quarter valued at $409,919,000. Renaissance Technologies LLC raised its holdings in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the period. Geode Capital Management LLC raised its holdings in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares during the period. Azora Capital LP lifted its position in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares in the last quarter. Finally, Holocene Advisors LP purchased a new position in Coinbase Global in the 3rd quarter worth approximately $38,535,000. Institutional investors and hedge funds 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.