Coinbase Global (NASDAQ:COIN) Stock Price Up 1.2% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) rose 1.2% during mid-day trading on Friday . The stock traded as high as $300.59 and last traded at $298.75. Approximately 3,927,292 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 11,135,432 shares. The stock had previously closed at $295.23.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. Finally, Needham & Company LLC raised their price objective on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Stock Up 5.0 %

The stock has a 50-day moving average of $211.36 and a 200 day moving average of $214.61. The company has a market capitalization of $77.63 billion, a PE ratio of 50.98 and a beta of 3.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 194,091 shares of company stock valued at $50,033,426. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after purchasing an additional 71,398 shares during the period. Clear Street Derivatives LLC purchased a new position in Coinbase Global during the 3rd quarter valued at about $409,919,000. Cowen AND Company LLC increased its position in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after acquiring an additional 691,288 shares during the period. Institutional investors own 68.84% of the company’s stock.

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.