Coinbase Global (NASDAQ:COIN) Shares Gap Up – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $176.38, but opened at $181.19. Coinbase Global shares last traded at $182.55, with a volume of 2,628,690 shares trading hands.

Wall Street Analyst Weigh In

COIN has been the topic of a number of research reports. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Bank of America reduced their price target on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Barclays upped their price objective on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Needham & Company LLC reissued a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Finally, Compass Point lowered their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus price target of $246.44.

Coinbase Global Stock Performance

The stock has a market cap of $47.72 billion, a price-to-earnings ratio of 33.55 and a beta of 3.35. The firm’s 50-day moving average is $178.63 and its two-hundred day moving average is $212.93. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the business earned ($0.42) EPS. The business’s revenue was up 104.8% compared to the same quarter last year. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $179.69, for a total value of $269,535.00. Following the transaction, the chief operating officer now directly owns 186,101 shares of the company’s stock, valued at approximately $33,440,488.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $179.69, for a total transaction of $269,535.00. Following the transaction, the chief operating officer now owns 186,101 shares of the company’s stock, valued at approximately $33,440,488.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,037 shares of company stock valued at $14,136,915 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Hedge funds have recently made changes to their positions in the company. Salem Investment Counselors Inc. raised its position in Coinbase Global by 162.9% in the first quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after purchasing an additional 114 shares during the period. Sanctuary Advisors LLC acquired a new position in Coinbase Global in the second quarter valued at about $2,908,000. Intech Investment Management LLC boosted its stake in Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares during the period. Paragon Capital Management Ltd increased its position in shares of Coinbase Global by 58.6% during the first quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock valued at $61,418,000 after acquiring an additional 85,573 shares during the last quarter. Finally, QRG Capital Management Inc. raised its stake in shares of Coinbase Global by 130.5% in the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after acquiring an additional 5,493 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.