Coinbase Global (NASDAQ:COIN) Stock Price Up 0.7% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) shares were up 0.7% during trading on Thursday . The stock traded as high as $276.72 and last traded at $276.72. Approximately 1,940,602 shares changed 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 Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Needham & Company LLC increased their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Monness Crespi & Hardt increased their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler raised their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Finally, Barclays upped their price objective 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 investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $284.17.

Coinbase Global Price Performance

The stock has a fifty day moving average of $290.19 and a two-hundred day moving average of $230.45. The stock has a market cap of $71.29 billion, a price-to-earnings ratio of 48.51 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the business earned ($0.01) EPS. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the company’s 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 sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 321,333 shares of company stock valued at $95,092,118 in the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of Coinbase Global in the second quarter worth $422,000. Quest Partners LLC lifted its stake in shares of Coinbase Global by 233.7% during the second quarter. Quest Partners LLC now owns 297 shares of the cryptocurrency exchange’s stock worth $66,000 after purchasing an additional 208 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Coinbase Global by 12.7% in the second quarter. Oppenheimer & Co. Inc. now owns 7,794 shares of the cryptocurrency exchange’s stock valued at $1,732,000 after buying an additional 881 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Coinbase Global by 14.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock valued at $9,966,000 after buying an additional 5,767 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in Coinbase Global during the 2nd quarter worth approximately $430,000. 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.