Coinbase Global (NASDAQ:COIN) Shares Gap Up – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $193.96, but opened at $221.48. Coinbase Global shares last traded at $226.55, with a volume of 9,813,795 shares traded.

Analyst Ratings Changes

Several brokerages have commented on COIN. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Piper Sandler restated a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Bank of America increased their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Stock Up 31.1 %

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market cap of $63.19 billion, a price-to-earnings ratio of 40.83 and a beta of 3.34. The firm’s 50 day simple moving average is $180.54 and its two-hundred day simple moving average is $208.28.

Coinbase Global (NASDAQ:COIN) last released its quarterly 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). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, equities analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Activity

In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on 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 approximately $35,598,033.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total transaction of $304,950.00. Following the completion of the sale, the chief operating officer now owns 175,101 shares of the company’s stock, valued at approximately $35,598,033.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the sale, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 81,187 shares of company stock worth $15,213,544. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. Global Retirement Partners LLC boosted its stake in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after buying an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Coinbase Global during the 2nd quarter worth approximately $2,908,000. Intech Investment Management LLC increased its position in Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares in the last quarter. QRG Capital Management Inc. lifted its stake in Coinbase Global by 130.5% in the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Coinbase Global by 122.2% during the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock worth $1,337,000 after buying an additional 4,127 shares during the last quarter. 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.