Coinbase Global (NASDAQ:COIN) Stock Price Up 2.9% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 2.9% during mid-day trading on Tuesday . The stock traded as high as $263.00 and last traded at $258.40. Approximately 2,089,821 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 6,881,000 shares. The stock had previously closed at $251.20.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Bank of America boosted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC lifted their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods reduced their price target on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and a consensus target price of $284.17.

Coinbase Global Stock Up 1.1 %

The business’s 50 day simple moving average is $288.55 and its 200 day simple moving average is $229.90. The company has a market capitalization of $63.60 billion, a PE ratio of 43.35 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for 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%. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the 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 sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This trade represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 321,733 shares of company stock worth $95,173,894. 23.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Banco Santander S.A. grew its stake in shares of Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after purchasing an additional 16,737 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Coinbase Global during the third quarter worth about $29,756,000. Lindbrook Capital LLC lifted its holdings in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after purchasing an additional 6,963 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Coinbase Global in the 2nd quarter valued at about $2,908,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.