Coinbase Global (NASDAQ:COIN) Shares Up 1.6% – What’s Next?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 1.6% during trading on Friday . The stock traded as high as $170.81 and last traded at $165.77. Approximately 2,775,331 shares changed hands during trading, a decline of 73% from the average daily volume of 10,365,546 shares. The stock had previously closed at $163.10.

Wall Street Analyst Weigh In

Several research firms have issued reports on COIN. HC Wainwright cut their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their target price for the company from $206.00 to $169.00 in a report on Friday, September 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Compass Point cut their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Price Performance

The stock has a market cap of $41.25 billion, a P/E ratio of 33.09 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50-day moving average price of $185.19 and a 200-day moving average price of $217.14.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business posted ($0.42) EPS. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. On average, analysts forecast that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $229.70, for a total transaction of $344,550.00. Following the completion of the transaction, the chief operating officer now owns 196,471 shares of the company’s stock, valued at $45,129,388.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $229.70, for a total transaction of $344,550.00. Following the sale, the chief operating officer now directly owns 196,471 shares of the company’s stock, valued at approximately $45,129,388.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,112 shares of company stock worth $20,596,024. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Park Avenue Securities LLC boosted its position in shares of Coinbase Global by 53.5% during the third quarter. Park Avenue Securities LLC now owns 1,913 shares of the cryptocurrency exchange’s stock worth $341,000 after acquiring an additional 667 shares during the last quarter. Centaurus Financial Inc. lifted its stake in Coinbase Global by 42.2% in the 2nd quarter. Centaurus Financial Inc. now owns 657 shares of the cryptocurrency exchange’s stock worth $146,000 after purchasing an additional 195 shares in the last quarter. Lazari Capital Management Inc. boosted its holdings in shares of Coinbase Global by 8.5% during the 2nd quarter. Lazari Capital Management Inc. now owns 2,692 shares of the cryptocurrency exchange’s stock valued at $598,000 after purchasing an additional 211 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Coinbase Global during the second quarter valued at about $2,908,000. Finally, SRN Advisors LLC increased its holdings in shares of Coinbase Global by 10.9% in the second quarter. SRN Advisors LLC now owns 12,774 shares of the cryptocurrency exchange’s stock worth $2,839,000 after purchasing an additional 1,259 shares during the last quarter. 68.84% of the stock is currently owned by 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.