Coinbase Global (NASDAQ:COIN) Stock Price Up 2.6% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) was up 2.6% on Friday . The company traded as high as $288.78 and last traded at $286.07. Approximately 5,130,605 shares were traded during trading, a decline of 53% from the average daily volume of 10,914,453 shares. The stock had previously closed at $278.84.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on COIN. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price objective for the company. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Needham & Company LLC lifted their price objective on shares of Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Stock Performance

The company has a 50 day simple moving average of $195.55 and a 200 day simple moving average of $211.23. 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 stock has a market cap of $73.38 billion, a price-to-earnings ratio of 48.82 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued 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). The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick R. Wilson sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $15,000,000. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at $1,588,703.24. This trade represents a 4.90 % 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 valued at $30,921,194 in the last 90 days. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global in the 3rd quarter worth about $25,000. Crewe Advisors LLC boosted its holdings in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc increased its stake in shares of Coinbase Global by 75.0% in the 2nd 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 in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of Coinbase Global during the 3rd quarter valued at $32,000. 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.