Coinbase Global (NASDAQ:COIN) Announces Quarterly Earnings Results, Beats Expectations By $2.93 EPS

Coinbase Global, Inc. (NASDAQ:COIN) posted its quarterly earnings results on Thursday. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $2.93, Zacks reports. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%.

Coinbase Global Stock Up 8.4 %

Shares of COIN stock traded up $23.21 during trading hours on Thursday, hitting $298.11. 16,344,414 shares of the company’s stock traded hands, compared to its average volume of 8,021,974. 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’s fifty day simple moving average is $282.81 and its two-hundred day simple moving average is $237.46. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75. The stock has a market cap of $74.63 billion, a price-to-earnings ratio of 50.87 and a beta of 3.61.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on COIN. The Goldman Sachs Group dropped their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. HC Wainwright boosted their price objective on shares of Coinbase Global from $255.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays increased their target price 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. Finally, Oppenheimer reduced their price target on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Moderate Buy” and an average price target of $286.00.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 15,858 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $298.98, for a total value of $4,741,224.84. Following the completion of the transaction, the insider now directly owns 21,019 shares in the company, valued at $6,284,260.62. The trade was a 43.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 7,104 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $307.80, for a total value of $2,186,611.20. Following the sale, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. This represents a 8.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 386,798 shares of company stock valued at $114,707,944 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

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.