Coinbase Global (NASDAQ:COIN) Sees Unusually-High Trading Volume – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) saw unusually-high trading volume on Thursday . Approximately 6,509,371 shares changed hands during trading, a decline of 41% from the previous session’s volume of 11,079,631 shares.The stock last traded at $310.05 and had previously closed at $320.01.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JMP Securities reissued a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Barclays increased their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Bank of America increased their target price 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. Needham & Company LLC raised their price target on Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a research report on Monday. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Coinbase Global has an average rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Stock Down 3.5 %

The business’s 50 day moving average price is $208.71 and its 200-day moving average price is $214.04. 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 cap of $77.32 billion, a P/E ratio of 50.32 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates 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 prior year, the business earned ($0.01) EPS. On average, analysts anticipate that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. The trade was a 3.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 194,091 shares of company stock valued at $50,033,426 over the last quarter. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC acquired a new position in Coinbase Global in the 3rd quarter worth $409,919,000. Renaissance Technologies LLC boosted its stake in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after buying an additional 486,512 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after buying an additional 435,886 shares during the last quarter. Finally, APEIRON CAPITAL Ltd bought a new stake in shares of Coinbase Global in the 1st quarter valued at about $108,434,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.