Coinbase Global (NASDAQ:COIN) Trading Up 7.2% – Here’s What Happened

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 7.2% on Monday . The stock traded as high as $293.60 and last traded at $290.27. Approximately 4,873,726 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 5,503,181 shares. The stock had previously closed at $270.65.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research analyst reports. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. The Goldman Sachs Group upped their target price on Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Piper Sandler increased their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $288.44.

Coinbase Global Stock Down 1.6 %

The business’s 50 day moving average is $284.12 and its 200 day moving average is $229.01. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $65.09 billion, a price-to-earnings ratio of 44.37 and a beta of 3.59.

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

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 11.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the sale, the insider now directly owns 18,525 shares of the company’s stock, valued at $4,631,250. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 328,483 shares of company stock valued at $96,470,997 over the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several large investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global in the third quarter worth about $32,000. Brown Brothers Harriman & Co. boosted its stake in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC increased its holdings in shares of Coinbase Global by 548.5% during the 2nd 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 position in shares of Coinbase Global in the 3rd quarter valued at approximately $55,000. 68.84% of the stock is owned by institutional investors.

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.