Coinbase Global (NASDAQ:COIN) Shares Gap Up - Should You Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

COIN has been the topic of several recent research reports. 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. Mizuho lifted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. JMP Securities reiterated a "market outperform" rating and set a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Barclays boosted their price objective on Coinbase Global from $204.00 to $355.00 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods cut their price target on Coinbase Global from $275.00 to $255.00 and set a "market perform" rating for the company in a research note on Monday, January 13th. One 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $282.83.

Coinbase Global Stock Performance

The stock has a market cap of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The company's 50-day simple moving average is $291.21 and its 200-day simple moving average is $231.26. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 58,269 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company's stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 347,033 shares of company stock worth $102,613,277 over the last 90 days. Company insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at $409,919,000. Geode Capital Management LLC grew its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock worth $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Azora Capital LP increased its position in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange's stock valued at $57,525,000 after purchasing an additional 220,078 shares during the period. Holocene Advisors LP purchased a new position in shares of Coinbase Global in the 3rd quarter valued at approximately $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Coinbase Global during the third quarter valued at approximately $29,756,000. 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.