Coinbase Global (NASDAQ:COIN) Hits New 1-Year High - Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $341.75 and last traded at $330.17, with a volume of 3787968 shares traded. The stock had previously closed at $324.57.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of recent research reports. Piper Sandler reissued a "neutral" rating and set a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a "neutral" rating and a $185.00 target price on the stock. Compass Point reduced their price objective on Coinbase Global from $325.00 to $295.00 and set a "buy" rating for the company in a research note on Tuesday, August 6th. Barclays raised their target price on Coinbase Global from $175.00 to $204.00 and gave the company an "equal weight" rating in a research report on Thursday, October 31st. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $251.00.

Coinbase Global Stock Performance

The company has a market capitalization of $77.11 billion, a P/E ratio of 55.14 and a beta of 3.34. The company has a fifty day moving average price of $205.45 and a two-hundred day moving average price of $213.30. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company's revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) earnings per share. Equities analysts forecast that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frederick R. Wilson sold 40,000 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $15,000,000. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 16,962 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the sale, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. This trade represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,822 shares of company stock valued at $30,921,194 in the last ninety days. Company insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of COIN. Geode Capital Management LLC raised its stake in Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange's stock worth $570,341,000 after buying an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the 3rd quarter worth $409,919,000. Cowen AND Company LLC grew its stake in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange's stock valued at $330,895,000 after acquiring an additional 22,071 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock valued at $236,258,000 after purchasing an additional 691,288 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

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.

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