Coinbase Global (NASDAQ:COIN) Releases Quarterly Earnings Results, Beats Expectations By $2.93 EPS

Coinbase Global, Inc. (NASDAQ:COIN) posted its earnings results on Thursday. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93, Zacks reports. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%.

Coinbase Global Price Performance

Shares of COIN stock traded up $23.21 on Thursday, reaching $298.11. The company’s stock had a trading volume of 16,344,414 shares, compared to its average volume of 8,021,974. The stock’s fifty day simple moving average is $282.81 and its 200-day simple moving average is $237.46. Coinbase Global, Inc. has a 1 year low of $146.12 and a 1 year high of $349.75. The company has a market capitalization of $74.63 billion, a price-to-earnings ratio of 50.87 and a beta of 3.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Barclays increased their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Needham & Company LLC reissued a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday. Bank of America raised their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Piper Sandler upped their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.00.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $144,786.76. This represents a 97.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction on Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the transaction, the insider now directly owns 79,407 shares of the company’s stock, valued at $24,441,474.60. The trade was a 8.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock valued at $114,707,944 over the last 90 days. 23.43% of the stock is owned by corporate insiders.

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.