Coinbase Global (NASDAQ:COIN) Stock Price Up 3.1% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares traded up 3.1% during mid-day trading on Friday . The company traded as high as $266.66 and last traded at $265.15. 1,764,213 shares traded hands during trading, a decline of 55% from the average session volume of 3,888,207 shares. The stock had previously closed at $257.21.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on COIN shares. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Needham & Company LLC upped their price target on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Finally, Monness Crespi & Hardt increased their target price on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Stock Up 4.6 %

The firm has a market cap of $67.32 billion, a price-to-earnings ratio of 45.89 and a beta of 3.57. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $279.52 and a 200-day moving average price of $228.08.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $181.36, for a total value of $272,040.00. Following the completion of the transaction, the chief operating officer now directly owns 176,601 shares in the company, valued at $32,028,357.36. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,641 shares of company stock worth $80,937,273 in the last quarter. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the third quarter worth $25,000. ORG Wealth Partners LLC acquired a new position in shares of Coinbase Global in the third quarter worth about $32,000. Brown Brothers Harriman & Co. grew its stake in Coinbase Global by 408.0% during the 3rd 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. Abich Financial Wealth Management LLC increased its holdings 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 purchasing an additional 181 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Coinbase Global during the third quarter worth approximately $55,000. 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.