Coinbase Global (NASDAQ:COIN) Trading Up 2.9%

Coinbase Global, Inc. (NASDAQ:COIN) rose 2.9% on Thursday . The company traded as high as $227.15 and last traded at $225.82. Approximately 2,834,531 shares were traded during trading, a decline of 75% from the average daily volume of 11,497,013 shares. The stock had previously closed at $219.56.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group upped their price objective on Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Singular Research reaffirmed a “buy” rating on shares of Coinbase Global in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Mizuho upped their price objective on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research note on Friday, April 12th. Finally, Piper Sandler lifted their target price on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $212.83.

Coinbase Global Price Performance

The firm’s fifty day simple moving average is $228.01 and its 200-day simple moving average is $205.49. The firm has a market capitalization of $52.71 billion, a PE ratio of 45.07 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. On average, research analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares of the company’s stock, valued at $40,049,012.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the transaction, the insider now owns 66,122 shares of the company’s stock, valued at $14,644,039.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total value of $293,850.00. Following the sale, the chief operating officer now directly owns 204,436 shares in the company, valued at approximately $40,049,012.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 314,136 shares of company stock valued at $68,855,464. 23.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the stock. Barrett & Company Inc. purchased a new position in shares of Coinbase Global during the fourth quarter valued at about $26,000. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the second quarter valued at $29,000. Concord Wealth Partners increased its position in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors 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.