Coinbase Global (NASDAQ:COIN) Trading Up 3% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 3% during trading on Tuesday . The company traded as high as $278.08 and last traded at $276.22. Approximately 1,945,613 shares changed hands during trading, a decline of 83% from the average daily volume of 11,190,784 shares. The stock had previously closed at $268.15.

Wall Street Analyst Weigh In

Several brokerages have commented on COIN. The Goldman Sachs Group upped their price objective on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Monness Crespi & Hardt boosted their price target on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Finally, Bank of America lifted 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. 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Stock Up 4.3 %

The firm has a market capitalization of $70.00 billion, a price-to-earnings ratio of 47.72 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business has a fifty day moving average price of $273.67 and a two-hundred day moving average price of $227.52.

Coinbase Global (NASDAQ:COIN) last announced its quarterly 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 company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $179.69, for a total transaction of $269,535.00. Following the sale, the chief operating officer now owns 186,101 shares in the company, valued at $33,440,488.69. This trade represents a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 260,720 shares of company stock valued at $78,086,248. 23.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its holdings in Coinbase Global by 18.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,386 shares of the cryptocurrency exchange’s stock worth $1,864,000 after acquiring an additional 1,291 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Coinbase Global by 35.0% during the 2nd quarter. HB Wealth Management LLC now owns 1,339 shares of the cryptocurrency exchange’s stock worth $298,000 after acquiring an additional 347 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in Coinbase Global by 98.5% in the second quarter. Arkadios Wealth Advisors now owns 2,815 shares of the cryptocurrency exchange’s stock valued at $626,000 after purchasing an additional 1,397 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Coinbase Global by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 71,651 shares of the cryptocurrency exchange’s stock valued at $15,923,000 after purchasing an additional 6,410 shares during the last quarter. Finally, F M Investments LLC acquired a new stake in Coinbase Global during the second quarter worth approximately $1,790,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.