Coinbase Global (NASDAQ:COIN) Shares Gap Up - Here's Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened on Monday . The stock had previously closed at $215.62, but opened at $232.23. Coinbase Global shares last traded at $222.76, with a volume of 4,942,501 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COIN. Piper Sandler lifted their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. HC Wainwright reaffirmed a "buy" rating and issued a $350.00 price target on shares of Coinbase Global in a report on Friday, February 21st. Oppenheimer reissued an "outperform" rating on shares of Coinbase Global in a report on Monday, February 10th. Needham & Company LLC restated a "buy" rating and issued a $330.00 target price on shares of Coinbase Global in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a "market perform" rating in a research note on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $311.56.

Coinbase Global Stock Up 4.7 %

The company has a market capitalization of $56.48 billion, a price-to-earnings ratio of 23.42 and a beta of 3.61. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm's 50 day simple moving average is $264.38 and its 200-day simple moving average is $241.24.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the firm's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at approximately $2,846,236.91. This trade represents a 52.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 219,455 shares of company stock worth $60,955,968. Company insiders own 23.43% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COIN. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global during the third quarter valued at $409,919,000. Norges Bank acquired a new stake in shares of Coinbase Global during the 4th quarter worth about $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $372,450,000. Proficio Capital Partners LLC raised its position in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock valued at $103,888,000 after buying an additional 417,036 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its stake in shares of Coinbase Global by 445.4% during the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after buying an additional 333,600 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.