Coinbase Global (NASDAQ:COIN) Shares Gap Up – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $205.04, but opened at $213.35. Coinbase Global shares last traded at $213.87, with a volume of 3,303,220 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on COIN shares. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, August 5th. Bank of America reduced their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Barclays raised their price objective on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. One 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $242.94.

Coinbase Global Trading Up 1.6 %

The firm has a 50 day moving average price of $181.83 and a two-hundred day moving average price of $209.20. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The company has a market cap of $53.94 billion, a price-to-earnings ratio of 43.84 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.42) earnings per share. As a group, equities analysts forecast that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the sale, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $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. Over the last quarter, insiders have sold 79,687 shares of company stock valued at $14,908,594. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Crewe Advisors LLC lifted its position in Coinbase Global by 547.4% during 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 last quarter. Lynx Investment Advisory bought a new stake in shares of Coinbase Global during the 2nd quarter worth $29,000. Geneos Wealth Management Inc. grew its position in Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares in the last quarter. Versant Capital Management Inc increased its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in Coinbase Global during the third quarter valued at about $32,000. Hedge funds and other institutional investors 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.