Coinbase Global (NASDAQ:COIN) Trading 0.4% Higher – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 0.4% on Tuesday . The company traded as high as $284.84 and last traded at $279.00. 1,765,081 shares traded hands during trading, a decline of 79% from the average session volume of 8,279,057 shares. The stock had previously closed at $277.99.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and raised their price target for the company from $250.00 to $290.00 in a report on Wednesday. The Goldman Sachs Group cut their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods cut their price target on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday, January 13th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus target price of $289.06.

Coinbase Global Trading Up 3.5 %

The stock has a market capitalization of $75.43 billion, a P/E ratio of 51.42 and a beta of 3.59. The stock’s fifty day moving average price is $288.15 and its 200 day moving average price is $235.21. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share. Research analysts forecast that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $254.89, for a total value of $2,548,900.00. Following the completion of the transaction, the director now owns 90,000 shares of the company’s stock, valued at $22,940,100. The trade was a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lawrence J. Brock sold 4,635 shares of Coinbase Global stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the transaction, the insider now owns 18,525 shares in the company, valued at $4,631,250. This represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,205 shares of company stock worth $112,487,737 in the last ninety days. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the company. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the 3rd quarter valued at approximately $409,919,000. Geode Capital Management LLC raised its holdings in shares of Coinbase Global by 10.1% during the third 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 during the last quarter. Azora Capital LP lifted its position in Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after purchasing an additional 220,078 shares during the period. Holocene Advisors LP purchased a new stake in Coinbase Global in the third quarter valued at $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Coinbase Global during the 3rd quarter worth about $29,756,000. 68.84% of the stock is currently owned by 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.