Coinbase Global (NASDAQ:COIN) Trading Up 4.8% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 4.8% during mid-day trading on Wednesday . The company traded as high as $205.90 and last traded at $205.74. Approximately 3,670,738 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 10,338,880 shares. The stock had previously closed at $196.34.

Analyst Ratings Changes

COIN has been the subject of a number of analyst reports. JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Barclays lifted their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. The Goldman Sachs Group decreased their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Bank of America dropped their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $246.44.

Coinbase Global Trading Up 7.8 %

The firm has a market capitalization of $54.08 billion, a price-to-earnings ratio of 42.98 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50 day moving average price of $179.68 and a two-hundred day moving average price of $211.89.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.42) earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 3.92 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This trade 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 other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global 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 transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $188.94, for a total transaction of $283,410.00. Following the completion of the sale, the chief operating officer now directly owns 197,101 shares of the company’s stock, valued at approximately $37,240,262.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,787 shares of company stock valued at $15,434,018 in the last ninety days. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the business. Geneos Wealth Management Inc. increased 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 purchasing an additional 100 shares during the last quarter. Concord Wealth Partners boosted its stake in Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the period. Mather Group LLC. acquired a new stake in shares of Coinbase Global during the first quarter valued at about $32,000. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Coinbase Global in the 2nd quarter worth approximately $29,000. 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.