Coinbase Global (NASDAQ:COIN) Trading 4.2% Higher – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded up 4.2% during trading on Wednesday . The company traded as high as $311.89 and last traded at $305.53. 4,353,321 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 11,163,193 shares. The stock had previously closed at $293.29.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Piper Sandler restated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a report on Friday, November 1st. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a research report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective on the stock. Finally, Compass Point reduced 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. 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $255.22.

Coinbase Global Price Performance

The company has a fifty day moving average price of $217.21 and a two-hundred day moving average price of $215.90. The firm has a market capitalization of $78.15 billion, a price-to-earnings ratio of 52.14 and a beta of 3.34. 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 released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. On average, equities research analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated 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 directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 178,966 shares of company stock worth $47,064,922. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the stock. Banco Santander S.A. raised its stake in shares of Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares in the last quarter. Global Retirement Partners LLC lifted its position 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 worth $477,000 after purchasing an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Coinbase Global during the 3rd quarter valued at $29,756,000. Lindbrook Capital LLC raised its stake in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Coinbase Global in the second quarter valued at $2,908,000. Institutional investors 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.