Coinbase Global (NASDAQ:COIN) Shares Gap Up – Here’s What Happened

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened on Monday . The stock had previously closed at $176.38, but opened at $181.19. Coinbase Global shares last traded at $182.55, with a volume of 2,628,690 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on COIN shares. The Goldman Sachs Group dropped their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Bank of America reduced their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research report on Monday, August 5th. Finally, Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $246.44.

Coinbase Global Trading Down 0.0 %

The stock has a market cap of $48.22 billion, a PE ratio of 39.19 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day moving average price is $178.81 and its 200 day moving average price is $211.96.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. Coinbase Global’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.42) EPS. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now directly owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,037 shares of company stock valued at $14,136,915 over the last 90 days. 23.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares in the last quarter. Cowen AND Company LLC lifted its position in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares during the last quarter. Renaissance Technologies LLC grew its stake 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. Canada Pension Plan Investment Board increased its holdings in Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.