Coinbase Global (NASDAQ:COIN) Trading Up 2.9% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 2.9% during mid-day trading on Tuesday . The company 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 Upgrades and Downgrades

A number of research firms have recently commented on COIN. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho raised their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Piper Sandler increased their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $284.17.

Coinbase Global Trading Up 2.4 %

The firm’s 50 day moving average is $290.19 and its 200 day moving average is $230.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $70.51 billion, a PE ratio of 48.06 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS 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 firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the transaction, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the completion of the transaction, the chief operating officer now directly owns 175,101 shares in the company, valued at approximately $35,598,033.30. This represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 321,333 shares of company stock worth $95,092,118 in the last ninety days. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Azora Capital LP lifted its holdings in shares of Coinbase Global by 214.1% in the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares during the last quarter. Holocene Advisors LP purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at $29,756,000. 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.