Coinbase Global (NASDAQ:COIN) Shares Gap Up to $162.64

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $162.64, but opened at $172.00. Coinbase Global shares last traded at $171.02, with a volume of 1,670,684 shares traded.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. HC Wainwright cut their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Finally, Bank of America cut their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Stock Up 5.9 %

The firm has a market capitalization of $42.31 billion, a price-to-earnings ratio of 34.52 and a beta of 3.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a fifty day moving average price of $200.73 and a 200 day moving average price of $222.38.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s revenue was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.42) EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $223.95, for a total transaction of $335,925.00. Following the completion of the transaction, the chief operating officer now directly owns 205,971 shares of the company’s stock, valued at approximately $46,127,205.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,562 shares of company stock worth $23,115,399. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Fifth Third Bancorp raised its stake in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after purchasing an additional 55 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of 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 purchasing an additional 57 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. raised its stake in shares of Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after purchasing an additional 61 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC raised its stake in shares of Coinbase Global by 4.6% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 62 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.