Coinbase Global (NASDAQ:COIN) Trading 5.1% Higher - Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded up 5.1% on Wednesday . The company traded as high as $320.13 and last traded at $317.73. 3,853,205 shares changed hands during trading, a decline of 66% from the average session volume of 11,266,338 shares. The stock had previously closed at $302.42.

Analyst Ratings Changes

Several brokerages have recently issued reports on COIN. Needham & Company LLC lifted their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a "buy" rating in a report on Monday. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Canaccord Genuity Group reiterated a "buy" rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a "neutral" rating and a $185.00 target price for the company. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $276.22.

Coinbase Global Stock Up 4.5 %

The company has a market cap of $79.11 billion, a P/E ratio of 54.22 and a beta of 3.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The business's fifty day moving average is $248.10 and its two-hundred day moving average is $223.38.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly 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 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 prior year, the firm posted ($0.01) EPS. The business's revenue was up 78.8% on a year-over-year basis. Equities analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now owns 7,771 shares of the company's stock, valued at approximately $1,588,703.24. This trade represents a 4.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the transaction, the chief operating officer now directly owns 187,601 shares of the company's stock, valued at approximately $30,436,386.24. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 272,220 shares of company stock worth $80,030,608. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

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 in the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC increased its position in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock valued at $105,389,000 after purchasing an additional 435,886 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 worth $609,789,000 after purchasing an additional 314,388 shares in the last quarter. Finally, Azora Capital LP grew its stake in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange's stock worth $57,525,000 after buying an additional 220,078 shares during the last quarter. Hedge funds and other 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.

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