Coinbase Global (NASDAQ:COIN) Shares Up 3% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 3% on Tuesday . The company traded as high as $278.08 and last traded at $276.22. Approximately 1,945,613 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 11,190,784 shares. The stock had previously closed at $268.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Barclays raised their price objective on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research note on Friday. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $286.22.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $270.62 and a 200 day moving average of $226.91. The stock has a market cap of $70.00 billion, a PE ratio of 47.72 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results 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). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm posted ($0.01) EPS. The company’s revenue was up 78.8% compared to the same quarter last year. Equities analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 270,720 shares of company stock worth $79,787,248. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC grew its stake in shares of Coinbase Global by 0.8% in the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after acquiring an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake in Coinbase Global by 9.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after purchasing an additional 51 shares in the last quarter. Larson Financial Group LLC increased its holdings in Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares during the period. Benjamin Edwards Inc. raised its position in Coinbase Global by 3.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares in the last quarter. Finally, Brooklyn Investment Group boosted its stake in shares of Coinbase Global by 3.9% in the 3rd quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $314,000 after buying an additional 66 shares during the period. 68.84% of the stock is currently owned by hedge funds and other 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.