Coinbase Global (NASDAQ:COIN) Shares Up 2.6% – Here’s What Happened

Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 2.6% during trading on Friday . The company traded as high as $288.78 and last traded at $286.07. 5,130,605 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 10,914,453 shares. The stock had previously closed at $278.84.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on COIN shares. JMP Securities reiterated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. HC Wainwright reissued a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and upped their target price for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, Compass Point dropped their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Price Performance

The business has a 50-day simple moving average of $198.72 and a 200 day simple moving average of $211.89. 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 stock has a market cap of $76.57 billion, a P/E ratio of 52.19 and a beta of 3.34.

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

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the transaction, the insider now directly owns 18,525 shares in the company, valued at $4,631,250. This trade represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 135,822 shares of company stock worth $30,921,194. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $25,000. Crewe Advisors LLC increased its position in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new stake in shares of Coinbase Global during the second quarter worth about $29,000. Versant Capital Management Inc raised its holdings in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter valued at about $32,000. 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.