Coinbase Global (NASDAQ:COIN) Shares Gap Up – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $179.23, but opened at $186.00. Coinbase Global shares last traded at $186.80, with a volume of 1,513,185 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Mizuho reduced their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays increased their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a research note on Tuesday, February 18th. Finally, JMP Securities raised their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $307.89.

Coinbase Global Price Performance

The company’s 50-day simple moving average is $260.68 and its 200 day simple moving average is $241.57. The company has a market cap of $48.61 billion, a PE ratio of 20.13 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the sale, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This represents a 11.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 219,455 shares of company stock valued at $60,955,968. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Banco Santander S.A. boosted its holdings in shares of Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after buying an additional 16,737 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global in the third quarter valued at $29,756,000. Wellington Management Group LLP boosted its stake in Coinbase Global by 168.2% in the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after acquiring an additional 16,363 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth about $252,000. Finally, Virtu Financial LLC acquired a new stake in shares of Coinbase Global during the third quarter worth about $3,866,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.