Coinbase Global (NASDAQ:COIN) Trading 5.6% Higher

Coinbase Global, Inc. (NASDAQ:COIN) traded up 5.6% on Thursday . The stock traded as high as $174.53 and last traded at $171.67. 4,000,617 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 10,468,969 shares. The stock had previously closed at $162.64.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COIN. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. HC Wainwright dropped their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Finally, Compass Point lowered their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $246.06.

Coinbase Global Stock Performance

The stock’s 50 day simple moving average is $199.80 and its two-hundred day simple moving average is $222.00. The company has a market cap of $41.77 billion, a PE ratio of 33.95 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.42) EPS. As a group, research analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $15,623,742.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the transaction, the insider now owns 71,195 shares in the company, valued at $15,623,742.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $162.24, for a total value of $243,360.00. Following the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. The disclosure for this sale can be found here. Insiders have sold 111,562 shares of company stock valued at $23,115,399 over the last three months. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently bought and sold shares of COIN. Lazari Capital Management Inc. boosted its holdings in Coinbase Global by 8.5% in the second quarter. Lazari Capital Management Inc. now owns 2,692 shares of the cryptocurrency exchange’s stock worth $598,000 after purchasing an additional 211 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the 2nd quarter valued at about $2,908,000. SRN Advisors LLC raised its stake in Coinbase Global by 10.9% during the second quarter. SRN Advisors LLC now owns 12,774 shares of the cryptocurrency exchange’s stock worth $2,839,000 after acquiring an additional 1,259 shares during the period. Heritage Oak Wealth Advisors LLC bought a new position in Coinbase Global in the second quarter worth about $462,000. Finally, Cetera Investment Advisers boosted its stake in Coinbase Global by 9.1% in the second quarter. Cetera Investment Advisers now owns 28,306 shares of the cryptocurrency exchange’s stock valued at $6,291,000 after acquiring an additional 2,371 shares during the period. 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.