Coinbase Global (NASDAQ:COIN) Trading Up 6.9% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 6.9% during trading on Friday . The stock traded as high as $273.50 and last traded at $273.25. 6,316,977 shares were traded during mid-day trading, a decline of 40% from the average session volume of 10,575,240 shares. The stock had previously closed at $255.58.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Compass Point decreased 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 report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $246.28.

Coinbase Global Stock Up 5.9 %

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 capitalization of $67.27 billion, a P/E ratio of 46.63 and a beta of 3.34. The firm’s fifty day moving average price is $183.17 and its 200-day moving average price is $208.93.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 16,962 shares of the 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 owns 75,556 shares in the company, valued at $15,637,069.76. 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 is available at this link. In other news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,187 shares of company stock worth $15,213,544. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after acquiring an additional 71,398 shares during the period. Cowen AND Company LLC boosted its stake in shares of Coinbase Global by 1.5% in the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after purchasing an additional 486,512 shares during the last quarter. 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.