Coinbase Global (NASDAQ:COIN) Sees Strong Trading Volume – Should You Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) saw unusually-strong trading volume on Tuesday . Approximately 8,350,639 shares traded hands during 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 Upgrades and Downgrades

Several equities research analysts recently commented on COIN shares. Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price objective on the stock. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Needham & Company LLC upped their target price on shares of Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Finally, Compass Point reduced their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. One research 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Trading Down 1.6 %

The company’s 50 day moving average price is $187.74 and its 200 day moving average price is $209.65. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $79.89 billion, a PE ratio of 54.03 and a beta of 3.34.

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. As a group, analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the business’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 sale, the insider now directly owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction dated 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 completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the transaction, the insider now directly owns 18,525 shares of the company’s stock, valued at approximately $4,631,250. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,822 shares of company stock worth $30,921,194 in the last three months. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Cowen AND Company LLC increased its holdings in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Coinbase Global by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after buying an additional 52,856 shares in the last quarter. 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.