Coinbase Global (NASDAQ:COIN) Sees Unusually-High Trading Volume – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) saw an uptick in trading volume on Thursday . 6,509,371 shares were traded during mid-day trading, a decline of 41% from the previous session’s volume of 11,079,631 shares.The stock last traded at $310.05 and had previously closed at $320.01.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COIN. B. Riley initiated coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Piper Sandler reissued a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a report on Friday, November 1st. HC Wainwright reissued a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Barclays increased their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Finally, Mizuho increased their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $251.00.

Coinbase Global Price Performance

The stock has a market cap of $77.32 billion, a price-to-earnings ratio of 50.32 and a beta of 3.34. The business’s 50-day simple moving average is $208.71 and its two-hundred day simple moving average is $214.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the business earned ($0.01) EPS. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. Research analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now directly owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 18.33 % 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. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the transaction, the chief operating officer now owns 187,601 shares in the company, valued at approximately $30,436,386.24. This trade represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 194,091 shares of company stock valued at $50,033,426 over the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC boosted its stake in 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 acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory purchased a new position in Coinbase Global in the second quarter valued at about $29,000. Versant Capital Management Inc boosted its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the third quarter valued at approximately $25,000. Finally, Spirit of America Management Corp NY bought a new stake in shares of Coinbase Global in the second quarter valued at approximately $33,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.