Coinbase Global (NASDAQ:COIN) Trading Up 0.7% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 0.7% during trading on Friday . The company traded as high as $303.60 and last traded at $303.30. Approximately 1,704,195 shares were traded during trading, a decline of 79% from the average daily volume of 7,996,029 shares. The stock had previously closed at $301.30.

Wall Street Analyst Weigh In

A number of research analysts recently commented on COIN shares. Keefe, Bruyette & Woods lowered their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research note on Monday, January 13th. B. Riley started coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Oppenheimer lowered their price objective on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Bank of America increased their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Piper Sandler increased their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $289.06.

Coinbase Global Stock Performance

The firm has a market capitalization of $72.93 billion, a PE ratio of 49.72 and a beta of 3.59. 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 fifty day moving average price of $288.00 and a 200 day moving average price of $235.89.

Coinbase Global (NASDAQ:COIN) last announced its earnings results 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). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the firm earned ($0.01) earnings per share. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Research analysts anticipate that Coinbase Global, Inc. will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction 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 Coinbase Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total value of $447,465.00. Following the sale, the chief operating officer now directly owns 177,576 shares of the company’s stock, valued at approximately $52,972,696.56. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 376,205 shares of company stock worth $112,487,737. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently bought and sold shares of COIN. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the third quarter valued at $409,919,000. Geode Capital Management LLC boosted its position in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Azora Capital LP boosted its position in Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after purchasing an additional 220,078 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Coinbase Global in the third quarter worth about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Coinbase Global in the third quarter worth about $29,756,000. 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.