Coinbase Global (NASDAQ:COIN) Shares Up 4.6%

Coinbase Global, Inc. (NASDAQ:COIN)’s share price shot up 4.6% on Thursday . The stock traded as high as $268.43 and last traded at $268.43. 3,933,135 shares changed hands during trading, a decline of 74% from the average session volume of 14,888,917 shares. The stock had previously closed at $256.70.

Analyst Upgrades and Downgrades

Several analysts recently commented on COIN shares. Needham & Company LLC raised their price objective on Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, January 8th. Mizuho boosted their price target on Coinbase Global from $60.00 to $84.00 and gave the company an “underperform” rating in a report on Thursday, February 22nd. Wedbush raised their price target on shares of Coinbase Global from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $240.00 price target on shares of Coinbase Global in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $141.30.

Coinbase Global Trading Up 3.3 %

The stock has a market cap of $64.23 billion, a P/E ratio of 981.93 and a beta of 3.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day simple moving average is $185.44 and its 200-day simple moving average is $136.47.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The firm’s revenue was up 51.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.46) EPS. Equities research analysts expect that Coinbase Global, Inc. will post 1.68 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, Director Marc L. Andreessen sold 33,992 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $163.91, for a total value of $5,571,628.72. Following the transaction, the director now owns 4,662 shares in the company, valued at $764,148.42. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Marc L. Andreessen sold 33,992 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $163.91, for a total value of $5,571,628.72. Following the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $764,148.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $146.14, for a total value of $3,372,180.50. The disclosure for this sale can be found here. Insiders sold a total of 759,107 shares of company stock worth $117,220,321 in the last three months. Company insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barrett & Company Inc. bought a new position in Coinbase Global during the fourth quarter valued at $26,000. Creekmur Asset Management LLC purchased a new stake in Coinbase Global in the 4th quarter worth about $27,000. Quarry LP bought a new stake in Coinbase Global in the 4th quarter valued at about $32,000. AlphaMark Advisors LLC purchased a new stake in Coinbase Global during the fourth quarter valued at about $33,000. Finally, Signature Resources Capital Management LLC bought a new position in Coinbase Global during the fourth quarter worth about $39,000. 68.84% of the stock is currently owned by hedge funds and other 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.