Coinbase Global (NASDAQ:COIN) Stock Price Up 4.2% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shot up 4.2% during trading on Wednesday . The company traded as high as $311.89 and last traded at $305.53. 4,353,321 shares changed hands during trading, a decline of 61% from the average session volume of 11,163,193 shares. The stock had previously closed at $293.29.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Compass Point dropped their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 target price on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. 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 MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $255.22.

Coinbase Global Stock Performance

The stock’s 50-day simple moving average is $217.21 and its 200 day simple moving average is $215.90. 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 stock has a market capitalization of $78.15 billion, a P/E ratio of 52.14 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. Research analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,966 shares of company stock valued at $47,064,922. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global during the third quarter worth $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 valued at $27,000 after buying an additional 104 shares during the period. Lynx Investment Advisory bought a new position in shares of Coinbase Global in the second quarter valued at approximately $29,000. Versant Capital Management Inc grew its stake in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter valued at $32,000. 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.