Coinbase Global (NASDAQ:COIN) Trading Up 6% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price rose 6% on Thursday . The company traded as high as $314.29 and last traded at $310.98. Approximately 13,258,283 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 11,204,882 shares. The stock had previously closed at $293.29.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. 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 target on the stock. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC upped their price objective on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Piper Sandler reissued a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. Finally, Mizuho upped their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $255.22.

Coinbase Global Trading Up 6.0 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $77.85 billion, a P/E ratio of 53.07 and a beta of 3.34. The business’s 50-day moving average is $219.83 and its 200 day moving average is $216.55.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. This trade represents a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. The trade was a 3.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 239,219 shares of company stock worth $65,593,121. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC increased its position in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Lynx Investment Advisory bought a new position in Coinbase Global during the 2nd quarter worth $29,000. Versant Capital Management Inc lifted its holdings in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the 3rd quarter valued at about $25,000. Finally, Spirit of America Management Corp NY acquired a new stake in shares of Coinbase Global in the second quarter valued at about $33,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.