Coinbase Global (NASDAQ:COIN) Trading 6.4% Higher - Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price shot up 6.4% during mid-day trading on Wednesday . The stock traded as high as $275.29 and last traded at $271.65. 3,893,355 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 6,951,508 shares. The stock had previously closed at $255.37.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Piper Sandler boosted their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 7th. Oppenheimer upped their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an "outperform" rating in a report on Monday, November 25th. Monness Crespi & Hardt increased their price objective on Coinbase Global from $245.00 to $390.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Barclays boosted their target price on shares of 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, HC Wainwright reissued a "buy" rating and issued a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Coinbase Global presently has an average rating of "Hold" and an average price target of $284.17.

Coinbase Global Price Performance

The company has a 50-day moving average of $289.78 and a 200 day moving average of $230.14. The firm has a market cap of $68.82 billion, a P/E ratio of 46.91 and a beta of 3.57. 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 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). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the business posted ($0.01) earnings per share. The firm's revenue was up 78.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Activity at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the sale, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. This represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares of the company's stock, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,333 shares of company stock valued at $95,092,118 in the last ninety days. Insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position 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 valued at $609,789,000 after buying an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange's stock valued at $570,341,000 after acquiring an additional 71,398 shares during the period. Clear Street Derivatives LLC bought a new position in Coinbase Global in the third quarter valued at about $409,919,000. Charles Schwab Investment Management Inc. increased its position in Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange's stock worth $163,752,000 after purchasing an additional 52,856 shares during the period. Finally, Ribbit Management Company LLC raised its holdings in Coinbase Global by 4.7% during the 3rd quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange's stock worth $70,217,000 after purchasing an additional 17,650 shares during the last quarter. 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.