Coinbase Global (NASDAQ:COIN) Stock Price Up 4.3% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price rose 4.3% on Wednesday . The stock traded as high as $284.00 and last traded at $279.62. Approximately 4,805,053 shares traded hands during trading, a decline of 57% from the average daily volume of 11,203,648 shares. The stock had previously closed at $268.15.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Piper Sandler reiterated a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Oppenheimer boosted their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. 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 price target for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $286.22.

Coinbase Global Price Performance

The firm has a market capitalization of $68.70 billion, a PE ratio of 46.83 and a beta of 3.57. The business’s 50 day moving average is $275.07 and its two-hundred day moving average is $227.85. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the firm posted ($0.01) earnings per share. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This trade represents a 3.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 272,141 shares of company stock valued at $81,206,808. 23.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the business. Banco Santander S.A. increased its position in shares of Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after purchasing an additional 16,737 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Coinbase Global by 135.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after buying an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Coinbase Global in the 3rd quarter worth $29,756,000. Lindbrook Capital LLC raised its position in shares of Coinbase Global by 30.2% during the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the 2nd quarter worth $2,908,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.