Coinbase Global (NASDAQ:COIN) Trading 3.5% Higher – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded up 3.5% during mid-day trading on Monday . The stock traded as high as $218.00 and last traded at $212.16. 4,478,395 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 10,357,102 shares. The stock had previously closed at $205.04.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays increased their target price on Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. B. Riley began coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday. One 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $242.94.

Coinbase Global Trading Up 1.6 %

The firm has a market cap of $53.94 billion, a P/E ratio of 43.84 and a beta of 3.35. The stock has a fifty day simple moving average of $181.83 and a 200 day simple moving average of $209.20. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s quarterly revenue was up 104.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.42) earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 3.92 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,687 shares of company stock worth $14,908,594 in the last ninety days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Financial Designs Inc. ADV lifted its position in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares in the last quarter. Fifth Third Bancorp lifted its position in Coinbase Global by 0.4% during the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after purchasing an additional 55 shares in the last quarter. Versant Capital Management Inc lifted its position in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares in the last quarter. Larson Financial Group LLC lifted its position in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its holdings in Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after acquiring an additional 61 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.