Coinbase Global (NASDAQ:COIN) Trading 5.3% Higher - Here's What Happened

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 5.3% during mid-day trading on Friday . The stock traded as high as $300.35 and last traded at $296.68. Approximately 4,751,806 shares were traded during trading, a decline of 34% from the average daily volume of 7,179,809 shares. The stock had previously closed at $281.63.

Analysts Set New Price Targets

Several research firms recently commented on COIN. Needham & Company LLC boosted their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Mizuho boosted their price target on Coinbase Global from $160.00 to $178.00 and gave the company an "underperform" rating in a report on Thursday, October 31st. Oppenheimer reduced their price objective on Coinbase Global from $358.00 to $334.00 and set an "outperform" rating for the company in a research report on Friday. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Barclays upped their price target on Coinbase Global from $204.00 to $355.00 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and a consensus price target of $282.83.

Coinbase Global Stock Performance

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 stock has a 50-day moving average price of $290.71 and a 200-day moving average price of $230.81. The company has a market capitalization of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the business earned ($0.01) EPS. The company's revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, analysts forecast that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Friday, October 25th. The stock was 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 directly owns 74,956 shares in the company, valued at $15,739,260.88. The trade was a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,033 shares of company stock worth $102,613,277. Insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of Coinbase Global by 10.1% in the third 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Coinbase Global by 2.3% in the 3rd 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 in the last quarter. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global during the 3rd quarter valued at $409,919,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 6.1% during the 3rd 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 in the last quarter. Finally, Ribbit Management Company LLC increased its position in shares of Coinbase Global by 4.7% in the third 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 period. 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.