Coinbase Global (NASDAQ:COIN) Trading Up 6% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 6% on Thursday . The company traded as high as $314.29 and last traded at $310.98. Approximately 13,258,283 shares traded hands during trading, an increase of 18% from the average daily volume of 11,204,882 shares. The stock had previously closed at $293.29.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COIN. Needham & Company LLC lifted their price objective on shares of Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Monness Crespi & Hardt started coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. Bank of America upped their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Piper Sandler reiterated a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $255.22.

Coinbase Global Price Performance

The stock has a market cap of $74.15 billion, a PE ratio of 50.55 and a beta of 3.34. The stock’s fifty day moving average is $225.65 and its 200-day moving average is $217.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $91,487.18. This represents a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 237,719 shares of company stock worth $65,309,711. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC raised its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares during the period. Lynx Investment Advisory purchased a new stake in Coinbase Global during the second quarter worth about $29,000. Versant Capital Management Inc lifted its position in shares of Coinbase Global by 75.0% during the second 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. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global in the third quarter valued at approximately $25,000. Finally, Spirit of America Management Corp NY acquired a new position in shares of Coinbase Global in the second quarter valued at approximately $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.