Coinbase Global (NASDAQ:COIN) Trading Up 4.8% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 4.8% during mid-day trading on Wednesday . The stock traded as high as $205.90 and last traded at $205.74. 3,670,738 shares were traded during trading, a decline of 64% from the average session volume of 10,338,880 shares. The stock had previously closed at $196.34.

Analyst Ratings Changes

COIN has been the topic of a number of research analyst reports. The Goldman Sachs Group lowered their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. HC Wainwright reduced their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Compass Point dropped their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $246.44.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day moving average of $179.68 and a 200-day moving average of $211.89. The company has a market capitalization of $54.08 billion, a P/E ratio of 42.98 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. Coinbase Global’s revenue was up 104.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.42) EPS. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 3.92 EPS for the current year.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at $33,150,716.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,787 shares of company stock valued at $15,434,018. 23.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Crewe Advisors LLC lifted its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the period. Lynx Investment Advisory bought a new position in Coinbase Global during the 2nd quarter worth about $29,000. Concord Wealth Partners increased its position in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Coinbase Global by 833.3% in the 1st 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. Finally, Versant Capital Management Inc lifted its position in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. 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.