Coinbase Global (NASDAQ:COIN) Trading 0.7% Higher - Here's Why

Coinbase Global, Inc. (NASDAQ:COIN) rose 0.7% during mid-day trading on Thursday . The company traded as high as $276.72 and last traded at $276.72. Approximately 1,940,602 shares traded hands during trading, a decline of 72% from the average daily volume of 6,988,896 shares. The stock had previously closed at $274.93.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Oppenheimer lifted their target price on Coinbase Global from $265.00 to $358.00 and gave the company an "outperform" rating in a research note on Monday, November 25th. JMP Securities restated a "market outperform" rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. B. Riley began coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a "neutral" rating and a $185.00 price objective on the stock. The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $397.00 to $340.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Finally, Piper Sandler increased their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global currently has a consensus rating of "Hold" and a consensus price target of $284.17.

Coinbase Global Trading Up 3.6 %

The stock has a market capitalization of $71.29 billion, a price-to-earnings ratio of 48.51 and a beta of 3.59. The company has a 50 day moving average of $290.19 and a 200 day moving average of $230.45. 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 earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. The company's revenue for the quarter was up 78.8% on a year-over-year basis. On average, research analysts predict that Coinbase Global, Inc. will post 4.69 EPS for the current fiscal year.

Insider Activity

In other news, COO Emilie Choi sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the sale, the chief operating officer now directly owns 175,101 shares of the company's stock, valued at approximately $35,598,033.30. The trade was a 0.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company's stock, valued at $15,739,260.88. The trade was a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 321,333 shares of company stock valued at $95,092,118. 23.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global in the third quarter valued at approximately $32,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. Brown Brothers Harriman & Co. grew its holdings in shares of Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange's stock valued at $45,000 after purchasing an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in Coinbase Global by 548.5% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange's stock worth $48,000 after buying an additional 181 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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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