Coinbase Global (NASDAQ:COIN) Sets New 12-Month High – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $341.75 and last traded at $330.17, with a volume of 3787968 shares. The stock had previously closed at $324.57.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Barclays raised their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Piper Sandler reissued a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $251.00.

Coinbase Global Stock Performance

The business’s 50-day moving average price is $211.36 and its 200-day moving average price is $214.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $74.05 billion, a PE ratio of 50.48 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data 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 net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. The business’s revenue was up 78.8% on a year-over-year basis. As a group, equities research analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 194,091 shares of company stock worth $50,033,426 in the last three months. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the stock. Banco Santander S.A. lifted its holdings in Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after acquiring an additional 16,737 shares during the period. Global Retirement Partners LLC grew its holdings in shares of Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong acquired a new position in Coinbase Global during the 3rd quarter worth approximately $29,756,000. Lindbrook Capital LLC raised its position in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after purchasing an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global in the 2nd quarter valued at approximately $2,908,000. 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.