Coinbase Global (NASDAQ:COIN) Shares Up 5.3% – Should You Buy?

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on COIN shares. Piper Sandler boosted their price objective on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, JMP Securities reissued a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $282.83.

Coinbase Global Stock Up 4.9 %

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 company has a market capitalization of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The firm’s 50-day simple moving average is $291.21 and its two-hundred day simple moving average is $231.26.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm 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 business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) earnings per share. Sell-side analysts predict that Coinbase Global, Inc. will post 4.69 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 shares were 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 directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 347,033 shares of company stock worth $102,613,277 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global during the third quarter worth about $25,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the third quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB raised its holdings in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its holdings in shares of Coinbase Global by 548.5% during the second 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. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.