Coinbase Global (NASDAQ:COIN) Stock Price Up 4.2% - Here's What Happened

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded up 4.2% on Thursday . The company traded as high as $306.00 and last traded at $303.14. Approximately 3,239,711 shares traded hands during trading, a decline of 60% from the average daily volume of 8,047,217 shares. The stock had previously closed at $291.00.

Analyst Upgrades and Downgrades

A number of research firms recently commented on COIN. Needham & Company LLC upped their price objective on Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Monness Crespi & Hardt increased their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Piper Sandler lifted their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the company a "neutral" rating in a research report on Tuesday, January 7th. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Finally, Mizuho upgraded Coinbase Global from a "neutral" rating to an "outperform" rating and increased their target price for the company from $250.00 to $290.00 in a research report on Wednesday. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Coinbase Global currently has a consensus rating of "Moderate Buy" and an average target price of $289.06.

Coinbase Global Stock Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $75.43 billion, a price-to-earnings ratio of 51.42 and a beta of 3.59. The firm's fifty day moving average price is $288.15 and its 200 day moving average price is $235.21.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $1.26 billion. During the same quarter in the prior year, the firm posted ($0.01) EPS. Coinbase Global's quarterly revenue was up 78.8% compared to the same quarter last year. Analysts forecast that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company's stock, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the firm's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the sale, the chief accounting officer now owns 1,160 shares in the company, valued at approximately $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 376,205 shares of company stock valued at $112,487,737 in the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global during the 3rd quarter worth approximately $409,919,000. Geode Capital Management LLC increased its stake in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Azora Capital LP raised its holdings in Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange's stock valued at $57,525,000 after buying an additional 220,078 shares during the period. Holocene Advisors LP acquired a new position in shares of Coinbase Global during the third quarter worth about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global in the 3rd quarter worth 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.

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