Coinbase Global (NASDAQ:COIN) Trading 2.3% Higher – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded up 2.3% during trading on Friday . The company traded as high as $333.47 and last traded at $327.98. 3,763,274 shares were traded during trading, a decline of 66% from the average session volume of 11,214,396 shares. The stock had previously closed at $320.57.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Barclays upped their target price on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Needham & Company LLC raised their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 18th. One equities research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $265.33.

Coinbase Global Trading Up 8.3 %

The firm has a market cap of $86.89 billion, a PE ratio of 59.23 and a beta of 3.57. The company has a 50-day simple moving average of $239.66 and a 200 day simple moving average of $221.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced 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 for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the company posted ($0.01) earnings per share. The business’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the 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 completion of the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at $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 a total of 264,606 shares of company stock worth $77,554,992 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in COIN. Crewe Advisors LLC grew its holdings in shares of 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 purchasing an additional 104 shares during the period. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the 2nd quarter valued at approximately $33,000. Continuum Advisory LLC lifted its holdings in Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Finally, MFA Wealth Advisors LLC purchased a new position in Coinbase Global in the second quarter worth approximately $35,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.