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

Coinbase Global, Inc. (NASDAQ:COIN) shares saw unusually-high trading volume on Tuesday . Approximately 8,350,639 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 10,761,323 shares.The stock last traded at $323.50 and had previously closed at $324.24.

Analyst Ratings Changes

Several analysts have recently issued reports on COIN shares. Piper Sandler reiterated a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Monness Crespi & Hardt started coverage on Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price objective for the company. Bank of America raised their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Trading Down 10.8 %

The company has a fifty day moving average of $193.17 and a two-hundred day moving average of $210.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $71.28 billion, a price-to-earnings ratio of 48.59 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $1.26 billion. During the same quarter last year, the business posted ($0.01) EPS. The firm’s revenue was up 78.8% on a year-over-year basis. On average, research analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the sale, the chief operating officer now directly owns 187,601 shares in the company, valued at $30,436,386.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares in the company, 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. In the last three months, insiders sold 135,822 shares of company stock valued at $30,921,194. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently bought and sold shares of the company. Empowered Funds LLC raised its stake in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after buying an additional 43 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after purchasing an additional 55 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares in the last quarter. Finally, Larson Financial Group LLC lifted its stake in Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after buying an additional 57 shares in the last quarter. 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.