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

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $179.23, but opened at $186.00. Coinbase Global shares last traded at $186.80, with a volume of 1,513,185 shares traded.

Analysts Set New Price Targets

COIN has been the topic of several research analyst reports. JMP Securities boosted their target price on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a research report on Thursday, February 13th. Mizuho dropped their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday. Keefe, Bruyette & Woods lifted their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Finally, Rosenblatt Securities initiated coverage on shares of Coinbase Global in a research report on Friday, March 7th. They set a “buy” rating and a $305.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $307.89.

Coinbase Global Stock Performance

The company has a fifty day moving average of $258.42 and a two-hundred day moving average of $241.08. The stock has a market capitalization of $48.68 billion, a P/E ratio of 20.18 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at approximately $3,074,056.70. This represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 219,455 shares of company stock worth $60,955,968 in the last 90 days. 23.43% of the stock is currently owned by company 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 position in Coinbase Global during the 3rd quarter worth $409,919,000. Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $536,484,000. Groupama Asset Managment bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $372,450,000. Proficio Capital Partners LLC lifted its holdings in Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after purchasing an additional 417,036 shares during the period. Finally, Two Sigma Advisers LP grew its position in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after buying an additional 333,600 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

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.