Coinbase Global (NASDAQ:COIN) Shares Up 5.6%

Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 5.6% during trading on Thursday . The stock traded as high as $174.53 and last traded at $171.67. 4,000,617 shares changed hands during trading, a decline of 62% from the average session volume of 10,468,969 shares. The stock had previously closed at $162.64.

Wall Street Analyst Weigh In

Several research firms have recently commented on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Compass Point dropped their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Finally, Bank of America dropped their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Trading Up 3.1 %

The firm has a market capitalization of $41.18 billion, a PE ratio of 33.48 and a beta of 3.36. The company’s 50-day moving average price is $200.73 and its 200-day moving average price is $222.38. 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 data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The firm had revenue of $1.45 billion for 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%. Coinbase Global’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same period last year, the firm posted ($0.42) earnings per share. On average, sell-side analysts expect that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 4,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $229.09, for a total value of $1,030,905.00. Following the completion of the sale, the chief financial officer now directly owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Alesia J. Haas sold 4,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $229.09, for a total value of $1,030,905.00. Following the completion of the sale, the chief financial officer now directly owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $2,194,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at $15,623,742.75. The disclosure for this sale can be found here. Insiders sold a total of 111,562 shares of company stock valued at $23,115,399 over the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp lifted its position in Coinbase Global by 0.4% in 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 during the period. Versant Capital Management Inc lifted its position in Coinbase Global by 75.0% in 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 during the period. Larson Financial Group LLC lifted its position in Coinbase Global by 12.1% in 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 during the period. Benjamin Edwards Inc. lifted its position in Coinbase Global by 3.1% in the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC lifted its position in Coinbase Global by 4.6% in the second quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock valued at $314,000 after purchasing an additional 62 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.