Coinbase Global (NASDAQ:COIN) Trading Up 0.1% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) rose 0.1% during mid-day trading on Wednesday . The stock traded as high as $289.00 and last traded at $282.08. Approximately 1,707,795 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 8,070,957 shares. The stock had previously closed at $281.82.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of research reports. Oppenheimer lowered their price target on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Barclays increased their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods cut their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Piper Sandler raised their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Finally, Needham & Company LLC upped their price target 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. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus price target of $289.06.

Coinbase Global Price 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 company has a market capitalization of $72.93 billion, a price-to-earnings ratio of 49.72 and a beta of 3.59. The stock’s 50-day simple moving average is $288.26 and its two-hundred day simple moving average is $235.66.

Coinbase Global (NASDAQ:COIN) last released 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 return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company earned ($0.01) EPS. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. Equities research analysts predict that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $310.14, for a total value of $3,168,390.24. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $3,230,728.38. This trade represents a 49.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 18,525 shares of the company’s stock, valued at $4,631,250. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,205 shares of company stock valued at $112,487,737 over the last quarter. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter worth $409,919,000. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the period. Azora Capital LP increased its position in Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares during the last quarter. Holocene Advisors LP purchased a new position in Coinbase Global during the third quarter worth about $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 approximately $29,756,000. Institutional investors and hedge funds 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.