Coinbase Global (NASDAQ:COIN) Shares Gap Up – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $255.56, but opened at $262.97. Coinbase Global shares last traded at $256.13, with a volume of 1,081,614 shares changing hands.

Wall Street Analyst Weigh In

COIN has been the subject of several recent research reports. Barclays raised their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. The Goldman Sachs Group upped their price target on Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. B. Riley initiated coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, Monness Crespi & Hardt lifted their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Stock Performance

The stock has a market capitalization of $63.49 billion, a P/E ratio of 43.27 and a beta of 3.57. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $276.82 and a two-hundred day simple moving average of $227.71.

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 the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.01) earnings per share. On average, equities analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $181.36, for a total transaction of $272,040.00. Following the transaction, the chief operating officer now owns 176,601 shares in the company, valued at $32,028,357.36. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 270,641 shares of company stock worth $80,937,273. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in shares of Coinbase Global by 18.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,386 shares of the cryptocurrency exchange’s stock valued at $1,864,000 after acquiring an additional 1,291 shares during the period. Principal Financial Group Inc. increased its stake in shares of Coinbase Global by 15.6% in the second quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock worth $3,735,000 after purchasing an additional 2,264 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Coinbase Global by 26.2% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,876 shares of the cryptocurrency exchange’s stock valued at $417,000 after purchasing an additional 389 shares during the period. Hantz Financial Services Inc. purchased a new stake in shares of Coinbase Global during the 2nd quarter valued at approximately $54,000. Finally, Commonwealth Equity Services LLC boosted its holdings in Coinbase Global by 4.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,865 shares of the cryptocurrency exchange’s stock worth $21,082,000 after buying an additional 3,694 shares during the period. 68.84% of the stock is owned by institutional investors.

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.