Coinbase Global (NASDAQ:COIN) Shares Up 0.2% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shot up 0.2% during trading on Wednesday . The company traded as high as $285.33 and last traded at $280.88. 1,515,036 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 7,917,553 shares. The stock had previously closed at $280.39.

Analyst Upgrades and Downgrades

A number of brokerages have commented on COIN. Piper Sandler boosted their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lowered their target price on 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. Bank of America upped their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. The Goldman Sachs Group decreased their price target 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. Finally, B. Riley initiated coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $284.06.

Coinbase Global Stock Performance

The firm has a fifty day simple moving average of $285.66 and a 200 day simple moving average of $236.83. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $68.72 billion, a price-to-earnings ratio of 46.84 and a beta of 3.61.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 15,228 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $280.51, for a total value of $4,271,606.28. Following the completion of the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,922,072.67. This represents a 59.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 401,798 shares of company stock valued at $119,826,444 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global in the 3rd quarter worth approximately $25,000. Wingate Wealth Advisors Inc. bought a new stake in Coinbase Global during the 4th quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global during the 3rd quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB grew its position in Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares during the last quarter. 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.