Coinbase Global (NASDAQ:COIN) Trading Up 6%

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 6% during mid-day trading on Wednesday . The stock traded as high as $259.80 and last traded at $258.77. Approximately 2,934,886 shares were traded during trading, a decline of 76% from the average daily volume of 12,182,667 shares. The stock had previously closed at $244.20.

Analysts Set New Price Targets

Several research analysts have issued reports on COIN shares. Bank of America upgraded Coinbase Global from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $110.00 to $217.00 in a research report on Friday, May 17th. The Goldman Sachs Group dropped their target price on Coinbase Global from $295.00 to $255.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Wedbush boosted their price target on Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Oppenheimer boosted their price target on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a report on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average price target of $214.67.

Check Out Our Latest Research Report on Coinbase Global

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $60.04 billion, a PE ratio of 48.63 and a beta of 3.44. The company’s 50-day simple moving average is $229.07 and its 200 day simple moving average is $194.14.

Coinbase Global (NASDAQ:COINGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.26 billion. On average, sell-side analysts predict that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Gokul Rajaram sold 1,145 shares of Coinbase Global stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $260.00, for a total transaction of $297,700.00. Following the sale, the director now directly owns 4,833 shares in the company, valued at approximately $1,256,580. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the sale, the director now owns 4,662 shares of the company’s stock, valued at $943,122.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $260.00, for a total transaction of $297,700.00. Following the completion of the sale, the director now directly owns 4,833 shares in the company, valued at approximately $1,256,580. The disclosure for this sale can be found here. In the last three months, insiders have sold 377,803 shares of company stock worth $86,110,620. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of COIN. Vanguard Group Inc. increased its position in Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares during the last quarter. Norges Bank purchased a new stake in Coinbase Global during the fourth quarter worth approximately $202,936,000. a16z Perennial Management L.P. purchased a new stake in Coinbase Global during the fourth quarter worth approximately $147,646,000. Morgan Stanley grew its stake in Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after buying an additional 511,397 shares during the period. Finally, Hamilton Lane Advisors LLC purchased a new stake in Coinbase Global during the fourth quarter worth approximately $88,015,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Company Profile

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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.

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