Coinbase Global (NASDAQ:COIN) Shares Up 2.8% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shot up 2.8% on Thursday . The stock traded as high as $262.31 and last traded at $255.20. 2,697,796 shares changed hands during trading, a decline of 76% from the average session volume of 11,117,471 shares. The stock had previously closed at $248.30.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on COIN. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Monness Crespi & Hardt raised their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Piper Sandler reiterated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research report on Friday, November 1st. Barclays increased their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and an average price target of $286.22.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average price is $278.56 and its 200 day moving average price is $227.88. The firm has a market cap of $63.34 billion, a P/E ratio of 43.17 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company earned ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. Sell-side analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $181.36, for a total transaction of $272,040.00. Following the completion of the sale, the chief operating officer now owns 176,601 shares in the company, valued at approximately $32,028,357.36. This represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,641 shares of company stock worth $80,937,273 over the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its position in shares of Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares during the last quarter. Creative Financial Designs Inc. ADV raised its holdings in shares of Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after buying an additional 51 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after buying an additional 57 shares during the last quarter. Benjamin Edwards Inc. lifted its stake in shares of Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after buying an additional 61 shares during the period. Finally, Brooklyn Investment Group grew its holdings in shares of Coinbase Global by 3.9% during the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $314,000 after buying an additional 66 shares during the last quarter. 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.