Coinbase Global (NASDAQ:COIN) Trading 3.1% Higher – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price rose 3.1% on Friday . The company traded as high as $266.66 and last traded at $265.15. Approximately 1,764,213 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 3,888,207 shares. The stock had previously closed at $257.21.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of research analyst reports. 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. Needham & Company LLC lifted their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Monness Crespi & Hardt raised their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $286.22.

Coinbase Global Stock Performance

The firm’s 50-day simple moving average is $280.83 and its two-hundred day simple moving average is $228.21. 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 capitalization of $67.76 billion, a PE ratio of 46.19 and a beta of 3.57.

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

Insiders Place Their Bets

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the transaction, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,641 shares of company stock worth $80,937,273. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC acquired a new position in Coinbase Global in the third quarter worth approximately $32,000. Brown Brothers Harriman & Co. raised its position in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC lifted its stake in Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after acquiring an additional 181 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Coinbase Global in the third quarter worth approximately $55,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.