Coinbase Global (NASDAQ:COIN) Shares Up 2.6% - Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price rose 2.6% during mid-day trading on Friday . The company traded as high as $288.78 and last traded at $286.07. Approximately 5,130,605 shares were traded during trading, a decline of 53% from the average daily volume of 10,914,453 shares. The stock had previously closed at $278.84.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on COIN shares. Needham & Company LLC lifted their price target on shares of Coinbase Global from $260.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, October 31st. B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a "neutral" rating and a $185.00 target price for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Canaccord Genuity Group reissued a "buy" rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Finally, Citigroup raised Coinbase Global from a "neutral" rating to a "buy" rating and raised their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $246.28.

Coinbase Global Price Performance

The stock has a market capitalization of $73.38 billion, a P/E ratio of 48.82 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company's 50 day simple moving average is $195.55 and its two-hundred day simple moving average is $211.23.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its 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). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm earned ($0.01) EPS. The company's revenue was up 78.8% compared to the same quarter last year. As a group, equities analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Gokul Rajaram sold 400 shares of the company's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at $1,588,703.24. This represents a 4.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $300.00, for a total value of $12,000,000.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold a total of 135,822 shares of company stock valued at $30,921,194 over the last three months. Company insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. APEIRON CAPITAL Ltd bought a new position in shares of Coinbase Global in the 1st quarter valued at about $108,434,000. Sei Investments Co. grew its stake in shares of Coinbase Global by 41.7% in the first quarter. Sei Investments Co. now owns 9,916 shares of the cryptocurrency exchange's stock valued at $2,629,000 after buying an additional 2,920 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Coinbase Global by 28.9% during the first quarter. Russell Investments Group Ltd. now owns 23,151 shares of the cryptocurrency exchange's stock worth $6,138,000 after buying an additional 5,189 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Coinbase Global during the first quarter worth $394,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Coinbase Global by 26.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 97,274 shares of the cryptocurrency exchange's stock worth $25,789,000 after acquiring an additional 20,225 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

About Coinbase Global

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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