Coinbase Global (NASDAQ:COIN) Trading Up 2.5% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 2.5% during mid-day trading on Wednesday . The stock traded as high as $325.80 and last traded at $317.00. Approximately 5,761,463 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 11,166,976 shares. The stock had previously closed at $309.35.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. 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 for the company. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Finally, Barclays lifted their target price on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average target price of $265.33.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $82.85 billion, a price-to-earnings ratio of 55.81 and a beta of 3.57. The firm has a fifty day simple moving average of $233.57 and a two-hundred day simple moving average of $220.08.

Coinbase Global (NASDAQ:COIN) last issued 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). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) EPS. On average, analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction that occurred 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. The trade was a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 216,644 shares of company stock valued at $62,944,656. 23.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Banco Santander S.A. increased its position in shares of Coinbase Global by 12.7% during 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 in the last quarter. Global Retirement Partners LLC increased its position in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Coinbase Global during the third quarter worth approximately $29,756,000. Lindbrook Capital LLC increased its position in shares of Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after purchasing an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Coinbase Global during the second quarter worth approximately $2,908,000. 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.