Coinbase Global (NASDAQ:COIN) Shares Gap Up - Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price gapped up prior to trading on Friday . The stock had previously closed at $281.63, but opened at $292.00. Coinbase Global shares last traded at $299.85, with a volume of 2,643,671 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Needham & Company LLC lifted their price target on Coinbase Global from $375.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. JMP Securities restated a "market outperform" rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Barclays increased their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the company an "equal weight" rating in a research report on Monday, December 9th. HC Wainwright reissued a "buy" rating and set a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, Piper Sandler upped their target price on Coinbase Global from $245.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $282.83.

Coinbase Global Stock Performance

The company's fifty day moving average price is $290.71 and its two-hundred day moving average price is $230.81. The firm has a market capitalization of $73.97 billion, a PE ratio of 50.42 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business's revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. As a group, equities analysts expect that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the transaction, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. This trade represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lawrence J. Brock sold 4,635 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the sale, the insider now owns 18,525 shares of the company's stock, valued at approximately $4,631,250. This represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 347,033 shares of company stock worth $102,613,277. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in COIN. Acadian Asset Management LLC purchased a new stake in shares of Coinbase Global during the 2nd quarter valued at about $422,000. Envestnet Asset Management Inc. grew its position in Coinbase Global by 14.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange's stock valued at $9,966,000 after acquiring an additional 5,767 shares in the last quarter. Wealth Alliance acquired a new position in shares of Coinbase Global during the second quarter worth $230,000. Mercer Global Advisors Inc. ADV lifted its position in shares of Coinbase Global by 26.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange's stock worth $2,697,000 after purchasing an additional 2,565 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Coinbase Global by 6.6% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange's stock valued at $571,000 after purchasing an additional 160 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.