Coinbase Global (NASDAQ:COIN) Trading Up 0.9% – Still a Buy?

by · The Markets Daily

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 0.9% on Tuesday . The stock traded as high as $215.60 and last traded at $215.60. 3,233,342 shares were traded during mid-day trading, a decline of 69% from the average session volume of 10,372,885 shares. The stock had previously closed at $213.72.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Bank of America dropped their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday. They issued a “neutral” rating and a $185.00 price objective for the company. Finally, Barclays increased their target price on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $242.82.

Get Our Latest Stock Report on Coinbase Global

Coinbase Global Stock Down 5.6 %

The company has a market cap of $48.85 billion, a price-to-earnings ratio of 39.71 and a beta of 3.35. The stock has a 50-day simple moving average of $180.91 and a 200-day simple moving average of $210.60. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. Coinbase Global’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. As a group, analysts predict that Coinbase Global, Inc. will post 3.92 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at $33,150,716.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 71,187 shares of company stock valued at $13,158,294. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of large investors have recently added to or reduced their stakes in COIN. Los Angeles Capital Management LLC acquired a new stake in shares of Coinbase Global during the 1st quarter valued at $294,000. Park Avenue Securities LLC purchased a new stake in shares of Coinbase Global during the first quarter valued at $231,000. APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global in the 1st quarter valued at $108,434,000. Sunbelt Securities Inc. increased its stake in Coinbase Global by 203.0% in the 1st quarter. Sunbelt Securities Inc. now owns 300 shares of the cryptocurrency exchange’s stock worth $80,000 after purchasing an additional 201 shares in the last quarter. Finally, Vanguard Capital Wealth Advisors raised its holdings in Coinbase Global by 48.9% during the 1st quarter. Vanguard Capital Wealth Advisors now owns 1,858 shares of the cryptocurrency exchange’s stock worth $493,000 after buying an additional 610 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Company Profile

(Get Free Report)

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.

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