Coinbase Global (NASDAQ:COIN) Shares Up 6.4% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price shot up 6.4% on Wednesday . The company traded as high as $275.29 and last traded at $271.65. 3,893,355 shares changed hands during trading, a decline of 44% from the average session volume of 6,951,508 shares. The stock had previously closed at $255.37.

Analysts Set New Price Targets

Several research firms have weighed in on COIN. Keefe, Bruyette & Woods decreased their price target on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. The Goldman Sachs Group lowered their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Canaccord Genuity Group reiterated 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 issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $284.17.

Coinbase Global Trading Up 7.2 %

The business’s 50-day simple moving average is $289.78 and its two-hundred day simple moving average is $230.14. 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 firm has a market capitalization of $68.50 billion, a price-to-earnings ratio of 46.69 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (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 analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm earned ($0.01) EPS. The firm’s revenue was up 78.8% compared to the same quarter last year. Equities analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Activity

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total transaction of $304,950.00. Following the sale, the chief operating officer now directly owns 175,101 shares in the company, valued at $35,598,033.30. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction 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 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 321,333 shares of company stock worth $95,092,118. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC purchased a new position in Coinbase Global during the 2nd quarter worth $422,000. Quest Partners LLC grew its stake in shares of Coinbase Global by 233.7% during the 2nd quarter. Quest Partners LLC now owns 297 shares of the cryptocurrency exchange’s stock worth $66,000 after purchasing an additional 208 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Coinbase Global by 12.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 7,794 shares of the cryptocurrency exchange’s stock worth $1,732,000 after purchasing an additional 881 shares during the period. DekaBank Deutsche Girozentrale grew its stake in shares of Coinbase Global by 23.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 33,522 shares of the cryptocurrency exchange’s stock worth $7,615,000 after purchasing an additional 6,428 shares during the period. Finally, Dai ichi Life Insurance Company Ltd grew its stake in shares of Coinbase Global by 307.5% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 5,301 shares of the cryptocurrency exchange’s stock worth $1,178,000 after purchasing an additional 4,000 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.