Coinbase Global (NASDAQ:COIN) Trading Up 1.9% – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 1.9% during mid-day trading on Thursday . The company traded as high as $301.88 and last traded at $301.60. Approximately 3,785,647 shares traded hands during trading, a decline of 51% from the average daily volume of 7,789,395 shares. The stock had previously closed at $295.85.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on COIN shares. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. Keefe, Bruyette & Woods dropped their price target on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Stock Performance

The stock has a market cap of $74.60 billion, a price-to-earnings ratio of 50.85 and a beta of 3.59. The company’s 50-day simple moving average is $290.54 and its 200-day simple moving average is $233.72. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) earnings per share. Analysts predict that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $203.30, for a total value of $304,950.00. Following the transaction, the chief operating officer now owns 175,101 shares in the company, valued at $35,598,033.30. This represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 367,489 shares of company stock valued at $109,624,297 over the last ninety days. Corporate 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 stock. Empowered Funds LLC lifted its position in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after purchasing an additional 43 shares during the last quarter. Capital Advisors Wealth Management LLC increased its position in Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 45 shares during the period. Creative Financial Designs Inc. ADV boosted its position 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 valued at $106,000 after acquiring an additional 51 shares during the period. Pallas Capital Advisors LLC grew its stake in shares of Coinbase Global by 2.0% in the fourth quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange’s stock worth $652,000 after acquiring an additional 51 shares during the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in Coinbase Global by 2.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,029 shares of the cryptocurrency exchange’s stock worth $504,000 after acquiring an additional 56 shares during the period. 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.