Coinbase Global (NASDAQ:COIN) Shares Up 0.9% – Time to Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 0.9% during mid-day trading on Tuesday . The stock traded as high as $215.60 and last traded at $215.60. Approximately 3,233,342 shares traded hands during trading, a decline of 69% from the average daily volume of 10,372,885 shares. The stock had previously closed at $213.72.

Analyst Upgrades and Downgrades

Several research firms have recently commented on COIN. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America dropped their price target on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average price target of $246.44.

Coinbase Global Stock Performance

The firm has a market capitalization of $51.65 billion, a price-to-earnings ratio of 42.08 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average is $180.60 and its 200-day moving average is $210.90.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 31.46% and a return on equity of 13.89%. The firm’s revenue was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.42) earnings per share. On average, analysts predict that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the sale, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 81,187 shares of company stock worth $15,515,794 in the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares during the period. Cowen AND Company LLC grew its holdings in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the period. Finally, American Century Companies Inc. grew its stake in Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares in the last quarter. 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.