Coinbase Global (NASDAQ:COIN) Trading Up 0.1% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 0.1% during mid-day trading on Wednesday . The company traded as high as $289.00 and last traded at $282.08. 1,707,795 shares changed hands during trading, a decline of 79% from the average session volume of 8,070,957 shares. The stock had previously closed at $281.82.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on COIN. Mizuho upgraded Coinbase Global from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $250.00 to $290.00 in a research note on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. The Goldman Sachs Group cut their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Monness Crespi & Hardt raised their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, B. Riley assumed coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and an average price target of $289.06.

Coinbase Global Price Performance

The company’s fifty day moving average price is $288.73 and its 200 day moving average price is $234.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $72.52 billion, a price-to-earnings ratio of 49.50 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm posted ($0.01) earnings per share. The firm’s quarterly revenue was up 78.8% compared to the same quarter last year. Equities research analysts expect that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $203.30, for a total transaction of $304,950.00. Following the transaction, the chief operating officer now directly owns 175,101 shares in the company, valued at approximately $35,598,033.30. This represents a 0.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 377,705 shares of company stock valued at $112,792,687 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clear Street Derivatives LLC acquired a new position in shares of Coinbase Global in the third quarter valued at $409,919,000. Geode Capital Management LLC boosted 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 acquiring an additional 314,388 shares during the period. Azora Capital LP boosted its position in shares of Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after acquiring an additional 220,078 shares during the period. Holocene Advisors LP bought a new stake in shares of Coinbase Global in the third quarter valued at about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global in the third quarter valued at about $29,756,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.