Coinbase Global (NASDAQ:COIN) Hits New 52-Week High – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $400.88 and last traded at $388.02, with a volume of 16838614 shares traded. The stock had previously closed at $394.01.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target on the stock. Compass Point upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price objective for the company in a research report on Monday, May 12th. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research report on Monday. Canaccord Genuity Group restated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Finally, William Blair assumed coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $313.10.

Coinbase Global Stock Up 5.8%

The business’s fifty day moving average price is $297.88 and its 200 day moving average price is $250.10. The firm has a market capitalization of $110.36 billion, a price-to-earnings ratio of 80.08, a PEG ratio of 30.30 and a beta of 3.70. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business’s revenue was up 24.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.53 earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares of the company’s stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,245,915 shares of company stock worth $447,462,456 over the last three months. 17.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management purchased a new position in Coinbase Global in the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC purchased a new position in Coinbase Global in the 4th quarter valued at about $35,000. Brooklands Fund Management Ltd purchased a new position in Coinbase Global in the 4th quarter valued at about $37,245,000. Finally, Ameriflex Group Inc. purchased a new position in Coinbase Global in the 4th quarter valued at about $37,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.